OTCPK:EXSFF - Post by User
Comment by
Saint2709on Apr 28, 2016 3:58pm
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Post# 24822231
RE:RE:May 1, deadline ????
RE:RE:May 1, deadline ????Saint2709 wrote: https://www.explorresources.com/wp-content/uploads/2015/04/nr_2014_12_29.pdf
15 Gamble East Street - Suite 204 - Rouyn-Noranda (Canada) J9X 3B6 Listing (TSX-V = EXS) (OTCQX= EXSFF) (FSE & BE = E1H1)
EXPLOR SIGNS OPTION AGREEMENT AND PRIVATE PLACEMENT FOR THE TIMMINS PORCUPINE WEST PROPERTY
Rouyn-Noranda, Canada, December 29, 2014 - Explor Resources Inc. (“Explor” or “the Corporation”) (TSX-V: EXS, OTCQX: EXSFF, FSE & BE: E1H1) is pleased to announce that it has signed an option agreement with Teck Resources Limited (“Teck”) whereby Teck could earn up to a 70% interest in the Timmins Porcupine West gold property (the “Property”), located in the Timmins-Porcupine Mining Camp in Ontario.
First Option
Explor grants Teck the option to acquire an initial 55% interest in the Property (the “First Option”) which Teck may exercise by incurring an aggregate of CDN$8,000,000 in committed and optional expenditures by May 1, 2019 (the “due date”). If Teck does not incur the listed expenditures by their due date, Teck may pay cash in lieu of the shortfall to maintain the First Option. Teck may terminate the First Option at any time prior to exercising the First Option, so long as Teck returns the Property within 30 days in good standing.