Black Gold Exploration Corp. entered into a purchase agreement to acquire oil and gas asset, El Carmen from International Iconic Gold Exploration Corporation for $2.1milion on January 31, 2023. The deemed transaction price of $1.00 per share for value of $0.1million and additional of $2million BGX Shares at a deemed price of $1.00 per share will be issued, (i) $1million BGX Shares will be released from escrow upon the Property entering
production of natural gas and (ii) $1million BGX Shares will be released from escrow upon the Property entering production of oil.