Hi Everyone!!!Hi EVERYONE at Morro Bay Resources Ltd bull board blog!!! I hope EVERYONE is havin the BEST day!!!!!
We gotta NEW OPTION AGREEMENT!!!! YEAH!!!!!
Morro Bay resources just needs to raise $750k in the next 2 1/2 months!!!! YEAH!!! Thatz like only 15 MILLION sharez and 30% dilition pluz warrentz and fees and stuff.
THEN they need ANOTHER $750k to explore. Thatz like only ANOTHER 15 MILLION sharez and ANOTHER 30% dilition pluz warrentz and fees and stuff.
So buy the end of simply earnin the 51% option on the property they will have diluded like 30 MILLION sharez or about like 50% dilution!!! YEAH!!!!
That at least gets them SOME kinda ownership in the property huh??? THEN they can raise more cash to do some exploring and stuff!!! YEAH!!!!
Subject to fulfilling the conditions referred to below, Morro Bay has the option to acquire a 51 percent (and up to 65 percent, as set out below) in the Peñoles Project. The Option exercise date is not later than March 31, 2015. The conditions for the exercise of the option are as follows:
- Morro Bay shall make a payment of $750,000 to Riverside by March 31, 2015 (payable in cash or Morro Bay shares at Morro Bay’s election provided that if the value of Morro Bay shares is less than $0.05 such payment must be made in cash);
- Morro Bay shall incur Joint Venture Expenditures of $750,000 for each of the first three years (any amounts expended over $750,000 will be credited toward the following years expenditure requirements);
- Riverside shall have a credit of CA$100,000 and US$1,250,000 against the first Joint Venture Expenditures incurred by the Joint Venture; and
- Should the Joint Venture fail to incur Joint Venture Expenditures of at least $750,000 in each of the first three years, Riverside will have to right to acquire 100% of Morro Bay’s Interest by returning to Morro Bay 80% of the common shares issued by Morro Bay to Riverside.
Read more at https://www.stockhouse.com/news/press-releases/2015/01/20/morro-bay-negotiates-amended-option-agreement-on-pe%C3%B1oles-project-in-durango#48fMtZXF3CUb8KJ7.99
Have the BEST day EVERYONE!!!! YEAH!!!! ^_^