Ironwood Gold Corp. (OTCBB: IROG) recently announced it has entered into an Assignment Agreement with Kingsmere Mining Ltd. a Nevada corporation. The agreement to acquire certain rights relating to 82 mining claims within an area of interest known as the Rock Creek property located in Elko County, Nevada currently held by Kingsmere under option from a subsidiary of Teck Resources Limited.
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In consideration for the Assignment, Ironwood will issue, within 30 days of the date of execution of the Agreement, 7,000,000 restricted shares of common stock, with 5,950,000 shares to Kingsmere, and 1,050,000 shares to Teck pursuant to exemptions from the registration requirements of the United States Securities Act of 1933. Furthermore, Ironwood will pay US$300,000 with $255,000 to Kingsmere and $45,000 to Teck. The Assignment Agreement provides that the Assignee acquires the undivided 100% right, title and interest in and of the Claims by making certain expenditures on or in respect to the exploration and development of the Claims. As such, Ironwood's rights under the Agreement are subject to certain rights providing for Teck to earn back into the Claims by making certain expenditures on or in respect to the exploration and development of the Claims and further subject to certain royalties payable to Teck.
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