Declan Resources, Lakeland Resources property agreement
Declan Resources, Lakeland Resources property agreement
2014-01-08 18:01 ET - Property Agreement
The TSX Venture Exchange has accepted for filing an option agreement dated Dec. 2, 2013, between the company and Lakeland Resources Inc. Pursuant to the terms of the agreement, the company may acquire a 70-per-cent interest in the Gibbon's Creek property, located in the Athabasca basin in northern Saskatchewan. By way of consideration, the company will make cash payments totalling $1.5-million over a four-year period and will issue 11 million shares at a deemed price of 8.5 cents per share over four years. The property is subject to a 2-per-cent net smetler return (NSR) in favour of the optionor, of which the company may repurchase 1 per cent for $1-million.
A finder's fee of 317,647 shares with a deemed price of 8.5 cents per share is payable to Jody Dahrouge.
Please refer to the company's news release dated Dec. 4, 2013, for further details.
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