15/03/2017 6:57:00 AM - News Release Mr. Andre Audet of Majescor reports
MAJESCOR RESOURCES ACQUIRES MINING DIVISION OF DIAGNOS
Majescor Resources Inc. has signed an agreement with Diagnos Inc. for the purchase of its assets from the mining division, including the Computer Aided Resources Detection System, for total value of $800,000.
Under the terms of the agreement, on or before March 31, 2017, Majescor will issue 8,000,000 common shares of its share capital to DIAGNOS, at a deemed price of $0.10 per share, in payment for the acquisition of the assets, consisting of DIAGNOS' mining claims, royalty agreements, and the CARDS system. Additionally, Majescor will remit to DIAGNOS (i) 50% of any payment that Majescor receives from the royalty agreements forming part of the acquired assets, and (ii) 5% of revenues generated by the commercialization of the CARDS system.
"This is a game changer for Majescor. It puts us in the forefront in becoming the leader in using artificial intelligence and machine learning for mineral exploration. DIAGNOS has over a 10-year track record of using and perfecting its CARDS system and we are excited about the added value that Majescor will now be able to provide to our own mineral projects as well as the potential for revenue-generating third party applications", stated Andre Audet, President and CEO of Majescor.
The transaction is subject to terms and conditions such as receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. All monies quoted in this news release shall be stated and paid in lawful money of Canada.
About Majescor Resources Inc.
Majescor is a junior mining exploration company with an extensive portfolio of gold and diamond properties in Quebec.