Dryden Gold Corp. has closed the initial tranche of its option agreement with Orebot Inc. to acquire a 100% interest in the Lost Lake Property in Northwestern Ontario following TSX Venture Exchange approval.

Under the terms of the agreement, Dryden has made a cash payment of $10,000 and issued 25,000 common shares at a deemed price of $0.21 per share. These initial shares are subject to a hold period expiring four months and one day from issuance. The property comprises 122 tenured mineral claims located in the historic Gold Rock Mining Camp.

To earn its full 100% interest, Dryden must complete additional scheduled payments, including $40,000 in cash and 50,000 common shares on or before the first anniversary of the agreement on June 29, 2027. A final payment of $50,000 in cash and the issuance of 50,000 common shares is required on or before the second anniversary on June 29, 2028.

Following the option exercise, Dryden will grant Orebot a 3% net smelter returns royalty on the property, payable after the commencement of commercial production. The company holds the right to acquire one-half of the royalty at any time for a cash payment of $1,000,000, with no other outstanding royalties on the property.

Read the full announcement: Dryden Gold Closes Option Agreement for Lost Lake Property