TSXV:NORA.H - Post by User
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Tibberon Mar 03, 2006 1:48pm
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Post# 10456080
I hate to say I told you so ...
I hate to say I told you so ... Orko Gold to buy remaining 25% interest in La Preciosa
2006-03-03 13:07 ET - News Release
Mr. Gary Cope reports
ORKO ACQUIRES 100% OF LA PRECIOSA; GOLDCORP BECOMES A SIGNIFICANT SHAREHOLDER OF ORKO
Orko Gold Corp. has reached an agreement with Goldcorp Inc. to acquire 100-per-cent ownership of its La Preciosa project located in Durango, Mexico.
Under the terms of its original project agreement, Orko had acquired a 75-per-cent working interest in La Preciosa project by expending $1.5-million (U.S.) on exploration. Pursuant to this agreement, Orko will acquire the remaining 25-per-cent interest in La Preciosa project from Goldcorp for consideration of $1-million (U.S.) to be satisfied by issuing to Luismin S.A. de C.V. (a subsidiary of Goldcorp) common shares of Orko at a deemed price of 48 Canadian cents per share and based on the closing United States/Canadian exchange rate on Feb. 27, 2006. The issued shares will be subject to a four-month-plus-one-day resale restriction under applicable securities laws in Canada and any other resale restrictions that may be imposed by the TSX Venture Exchange or under the laws of jurisdiction in which Luismin is domiciled.