First Gold Exploration Inc. (TSX-V: EFG) has closed a binding letter agreement with Camsim Minas S.A. de C.V. related to the option on the San Francisco Javier Silver property in Mexico. The letter of intent called for, among other things, the issuance of 2 million shares over a 2 year period, of which 500,000 are to be issued upon signing of the binding agreement and 750,000 to be issued on the first and second anniversary thereof.
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The parties agreed in the binding letter agreement that First Gold would issue 750,000 shares upon the signing of the binding agreement and that a final tranche of 500,000 shares would be issued at the second anniversary.
First Gold has also announced that they signed an amending agreement with Camsim where the first year work commitment to be incurred by First Gold was reduced from $1.0 million to $750,000 in exchange for the issuance of 250,000 shares of First Gold.
First Gold Exploration Inc. (First Gold) is a Canada-based exploration company. The Company is involved in the acquisition, exploration and development of mining properties.
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