Business
A.I.S. Resources Provides Update on Pocitos Properties in Salta, Argentina
VANCOUVER, British Columbia, March 24, 2023 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX.V: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces that Rech
About this update from Ais Resources Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, March 24, 2023 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX.V: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces that Recharge Resources has exercised its option to acquire Pocitos 1 from Spey Resources (Spey). In accordance with AIS’ option agreement with Spey and AIS’ underlying option agreement with Ekeko S.A., AIS will receive net proceeds as follows: POCITOS 1 Cash (80%) Value of Shares (20%) Total Consideration Receive from Spey $ 800,000 $ 200,000 $ 1,000,000 Pay to Ekeko $ 640,000 $ 160,000 $ 800,000 Net proceeds to AIS $ 160,000 $ 40,000 $ 200,000 Martyn Element, CEO of AIS stated, “This further positive news bears well for a very busy and productive spring for AIS as we move forward with our activities in Argentina.” AIS Underlying Option Agreement with Ekeko S.A On June 10, 2021, the Company entered into an Option Agreement with Ekeko to acquire a 100% interest in five mining tenements with a total area of 4,257 hectares (the “Project”) located in Salta province, Argentina. Under the terms of the Option Agreement, the Company paid USD $125,000 for an 18-month option period entitling it to conduct exploration, sampling, chemistry and drilling to determine the commercial viability of the Project. The option period was extended to June 30, 2023 at no additional cost. The purchase price of each tenement is USD $1,000 per hectare specifically Pocitos 1 – USD $800,000, Pocitos 2 – USD $532,000 Pocitos 7 - USD $800,000, Pocitos 9 – USD $600,000 and Yareta XIII – USD $1,525,000. The purchase price is payable 80% in cash and 20% in shares of AIS calculated based on the volume weighted average price (VWAP) of the AIS shares during the sixty days prior to the date of AIS’ communication of the exercise of the purchase of the mining properties to Ekeko. Ekeko is a ‘related party’ of the Company insofar as one of Ekeko’s controlling shareholders is also an officer of the Company’s subsidiary in Argentina. The Company is relying upon exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101 Protection of Minority Securityholders in Special Transactions. The Company is exempt from the formal valuation requirement in section 5.4 of...