MORRO BAY RESOURCES LTD V.MRB

Penoles DEFAULT???

[Sophia123]

Hi EVERYONE!!!  I hope EVERYONE is havin the BEST day!!!!!  

Uh oh huh???  You gotta wunder what Morro Bay Resources Ltd is worth with like 100 MILLION sharez out and no project huh???  I guess SOME of the shares disapear when Riverside handz them back and stuff.  This doez NOT look to good tho.  I dunno.

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

Morro Bay Announces Notice of Default Provided by Riverside Resources Inc.

Calgary, Alberta (FSCwire) - Morro Bay Resources Ltd. (“Morro Bay” or the “Company”) (TSX-V: MRB; OTCQX: MRRBF) announces that it has received a Notice of Default from Riverside Resources Inc. ("Riverside") in regard to the Joint Venture between Morro Bay and Riverside. Riverside alleges in its Notice of Default that Morro Bay has failed to incur $750,000‎ Joint Venture Expenditures at the Peoles Joint Venture Property (the “Peoles Project”). Riverside alleges in its Notice of Default that the failure of Morro Bay to incur these expenses constitutes a default pursuant to the Agreement between Morro Bay and Riverside. Morro Bay acknowledges that it has not incurred the full $750,000 of expenditures on the Peoles Project by on or before May 16, 2016 as required.  

In the event the default is not corrected by June 13, 2016, Riverside intends to exercise its rights under the Agreement between Morro Bay and Riverside. Such remedies include the right of Riverside to reacquire the 51% held by Morro Bay (or its Mexican subsidiary) in the Peoles Project and deliver to Morro Bay, or its assigns 80 percent of the Morro Bay shares held by Riverside. Morro Bay acknowledges that it is unlikely that it will be in a position to cure the default by June 13, 2016. Through-out 2015 and 2016 Morro Bay sought to locate capital to invest in the Peoles Project but was unable to raise the necessary capital to meet the amounts required to move the development of the Peoles Project forward. 

Morro Bay intends to continue to consider its alternatives and will provide further information as it moves forward.  

Read more at https://www.stockhouse.com/news/press-releases/2016/05/30/morro-bay-announces-notice-of-default-provided-by-riverside-resources-inc#q3ZSz2m8UIRsajmA.99