OTCPK:MEAOD - Post by User
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lastpickon Jun 11, 2017 7:37am
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Post# 26349789
When Was Barry Property Obtained?
When Was Barry Property Obtained?This is from an MD&A for the Dec 2006 ending quarter:
SUBSEQUENT EVENTS AND OUTLOOK On December 14, 2006, Metanor signed an agreement with Murgor Resources Inc. regarding the acquisition of a 100% interest in the Barry gold deposit. Following the terms of the agreement, the counterpart payable for the acquisition of this property includes a $200,000 cash payment on January 15th, 2007 as well as a royalty on the proceeds of sales of gold produced from the property. This royalty is established to 9% of the sale’s price of gold produced. A first advance on this royalty of production forthcoming, corresponding to $250,000 will be payable to Murgor by the issuing of 416,666 common shares of Metanor, as soon as this transaction will be accepted by the regulatory authorities. A second advance of $250,000 cash will be payable, on the first of the two dates hereinafter mentioned: 30 days after the issuance of exploitation permit or on January 1st, 2008. The reimbursement of the advances will be made by a reduction of 50% of the amounts of royalty du to Murgor, after the beginning of the commercial exploitation of the Barry deposit.