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Stock impact report

Torq Resources and Gold Fields Sign Definitive Santa Cecilia Project Earn-in Agreements [Yahoo! Finance]

Gold Fields Limited American Depositary Shares (GFI) 
US:NYSE Investor Relations: goldfields.com/investors.php
Company Research Source: Yahoo! Finance
its August 1, 2024 news release, that Torq and an affiliate of Gold Fields Limited (" Gold Fields ") have executed a definitive Implementation Agreement dated November 29, 2024 superseding the Santa Cecilia Project earn-in term sheet announced August 1, 2024. Under the Implementation Agreement, Gold Fields will, subject to final TSX Venture Exchange (" TSXV ") approval and disinterested Torq shareholders approval (or a regulatory exemption therefrom), be granted a staged option to acquire up to a 75% indirect interest in Torq's Santa Cecilia Project (the " Project "). To earn the maximum interest Gold Fields must fund an aggregate of US$48 million in exploration spending at the Project over a maximum 6-year period. The Implementation Agreement is an umbrella agreement which contemplates Gold Fields being granted the option to acquire up to 75% of the shares of Torq's Chilean subsidiary which owns the Project rights, together with a corporate joint venture shareholders agreement (toget Show less Read more
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