MORRO BAY RESOURCES LTD V.MRB

14 days!!!!

[Sophia123]

Tomorrow will be 14 dayz left in new option agreement for Morro Bay resources to find like $600k cash AND pay Riverside to go from ZERO (0%) ownership of Penolies to like 51% THEN spend like $750k in 2015.  

They are gonna need like $1.5++ MILLION pretty quick huh???  I dunno.

As at December 31, 2014, the Company had cash and cash equivalents of $294,559 ($533,748 as at September 30, 2014).  Current cash and cash equivalents stand at approximately $150,000
Read more at https://www.stockhouse.com/news/press-releases/2015/02/27/morro-bay-announces-release-of-first-quarter-financial-results#p0KvtjHK6ZMROe3l.99

In order for the Company to earn a 51% interest in the project Morro Bay is required to make 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).

 

Upon exercise of the option a joint venture between Morro Bay and Riverside will be formed. That joint venture will see:

 

• Morro Bay be appointed as operator of the joint venture;
• Morro Bay is required to 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 $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/2015/02/27/morro-bay-announces-release-of-first-quarter-financial-results#p0KvtjHK6ZMROe3l.99

Have the BEST day EVERYONE!!!!  YEAH!!!!  ^_^