22 dayz!!!Left for Morro Bay to find the cash for gettin SOME kinda ownership of Penoles project. Gonna be tuff with only like less then $535 in cash as of September 2014 huh?? Maybe Morro Bay Resources Ltd stocks will be 5 cents bye then??? I dunno.<br /> <br />
<span style="color: rgb(0, 0, 0); font-family: Arial, sans-serif; font-size: 14.6666669845581px; line-height: 16.761905670166px;">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:</span> <p style="box-sizing: border-box; outline: 0px; margin: 0px 0px 0.0001pt; color: rgb(0, 0, 0); font-family: Arial, sans-serif; font-size: 14.6666669845581px; line-height: 16.761905670166px;"> </p> <ul style="padding-right: 0px; padding-left: 0px; box-sizing: border-box; outline: 0px; margin: 0px; color: rgb(0, 0, 0); font-family: Arial, sans-serif; font-size: 14.6666669845581px; line-height: 16.761905670166px;"> <li style="box-sizing: border-box; outline: 0px;"> 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);</li> <li style="box-sizing: border-box; outline: 0px;"> 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);</li> <li style="box-sizing: border-box; outline: 0px;"> 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</li> <li style="box-sizing: border-box; outline: 0px;"> 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.</li> </ul> <br style="box-sizing: border-box; outline: 0px;" /> <span style="box-sizing: border-box; outline: 0px; color: rgb(0, 0, 0); font-family: Arial, sans-serif; font-size: 14.6666669845581px; line-height: 16.761905670166px;">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#ha1zVwdViD57MxLJ.99</span>