09:59 AM EDT, 06/24/2024 (MT Newswires) -- Victoria Gold Corp. ( VITFF ) on Monday executed a definitive asset purchase agreement dated June 24, 2024, for the sale of its Clear Creek Property to Sitka Gold Corp. ( SITKF ) . Both companies have seen their shares rise on the news.

A statement noted the Clear Creek Property claims adjoin Sitka's road accessible RC Gold Project, located approximately 100 kilometers east of Dawson City, Yukon and cover the southern portion of the Clear Creek Intrusive Complex.

"We have been impressed with the exploration success that Sitka has demonstrated at its RC Gold Project," said John McConnell, President and CEO of Victoria. "Combining the RC Gold Project and Victoria's Clear Creek Property consolidates this new Yukon gold camp. Sitka has a strong exploration team with decades of experience in Yukon. We expect Sitka will have further success exploring the combined project and Victoria will benefit as a significant Sitka shareholder."

Pursuant to the purchase agreement, Sitka issued to Victoria an aggregate of 21,843,401 common shares in the capital of Sitka as an initial payment, representing 8% of the issued and outstanding shares of Sitka after giving effect to the issuance of the Shares. In order to complete the transaction, Sitka is required to make the following additional payments: $2 million on or before August 30, 2025; $3 million on or before June 24, 2026; and $6 million on or before June 24, 2027.

Price: 7.45, Change: +0.15, Percent Change: +2.05