11:44 AM EST - Victoria Gold Corp. : announced the sale of its Clear Creek exploration property in the Yukon Territory, Canada to Golden Predator Royalty & Development Corp. for a total consideration of up to $1.05 million cash, 1.05 million shares of Golden Predator stock, plus a work commitment of $3 million and a retained royalty. Victoria will grant to Golden Predator the exclusive option to acquire a 100% interest in the Clear Creek Project. In exchange, Victoria will receive an initial payment of $50,000 and 300,000 common shares of Golden Predator. Additionally, Victoria will receive a further $1.0 million cash and 750,000 shares of Golden Predator stock over a period of five years. Golden Predator must spend in aggregate $3 million in work on the property on or before December 31, 2013. Of the total consideration, $125,000 in cash payments, 300,000 shares and $500,000 in exploration expenditures are firm commitments by Golden Predator. Victoria will retain a 3% NSR on the property which can be reduced to 2% by Golden Predator upon payment of $1 million to Victoria. Victoria Gold Corp.
shares V.VIT are trading up $0.04 at $0.72.
