RE: RE: valuation on TME going nowhere -- Rhump, lets take a breather...
Item 5. Full Description of Material Change
Goldeye has entered into an agreement (the “Agreement”) with Temex Resources Corp. (“Temex”) to sell certain of Goldeye’s unpatented mining claims in Tyrrell Township, northeastern Ontario. The claims include a large block of claims in which Goldeye owns a 100% interest, as well as Goldeye’s 40% interest in the claims comprising the Juby Joint Venture Property in which Temex holds a 60% interest.
Under the terms of the Agreement, Temex paid to Goldeye $500,000 in cash and issued 5 million common shares of Temex. The common shares are subject to a hold period expiring on March 23, 2013. Goldeye has agreed to vote its common shares of Temex in support of management of Temex and its recommendations and to certain restrictions on the disposition or transfer of such shares, in either case for a period of two years from the closing date. During such two year period, Goldeye may not, without providing prior written notice of at least thirty calendar days to Temex, sell, transfer or otherwise dispose of, or announce its intention to sell, transfer or otherwise dispose of, or negotiate or enter into an
agreement to sell, transfer or dispose of, any common shares in the capital of Temex or any other securities of Temex convertible into common shares of Temex, whether in a single transaction or a series of transactions, in an aggregate amount equal to or greater than 200,000 common shares and/or other securities, as the case may be, in any consecutive thirty day period. Goldeye has also agreed to provide Temex with the right to acquire any other mining claims currently held by Goldeye in Tyrrell Township which Goldeye hereafter proposes to sell or otherwise dispose of. Certain of the claims are subject to underlying NSR Royalties ranging from 2% to 2.5%, most of which include buy-down provisions ranging from 1.0% to 1.5% NSR Royalty.