Margaux Resources Ltd. Announces Final Approval of Cassiar Option Agreement and issuance of Promissory Note

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[{"type":"text","content":"Margaux Resources Ltd. Announces Final Approval of Cassiar Option Agreement and issuance of Promissory NoteCalgary, Alberta--(Newsfile Corp. - November 13, 2019) -  Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) (\"Margaux\" or the \"Company\") is pleased to announce that it has received final approval from the TSX Venture Exchange (\"TSXV\") for its previously announced option agreement (the \"Option Agreement\") with Wildsky Resources Inc. (\"Wildsky\"). The Option Agreement provides Margaux with the option to acquire a 100% interest in the Cassiar Gold Project (the \"Property\") in northern British Columbia. In addition, the TSXV has accepted Margaux's filing of an amended NI 43-101 maiden mineral resource estimate for the Taurus Deposit on the Property (the \"Report\"). The report was amended to address certain comments of the TSXV in connection with granting their final approval for the Option Agreement. The Report was prepared for Margaux by Scott Zelligan P.Geo, who is a \"Qualified Person\" as defined in NI 43-101 - Standards of Disclosure for Mineral Projects. The Company filed the amended Report on its SEDAR profile on November 13, 2019.Option Agreement Share IssuancePursuant to the Option Agreement and the TSXV approval, Margaux has issued an aggregate of 17,460,000 common shares in the capital of the Company (the \"Option Shares\") to Wildsky, satisfying the first and second tranches issuable under the Option Agreement. The Option Shares are subject to a four month and one day hold period in accordance with applicable securities laws, and a subsequent contractual 8 month hold period pursuant to the terms of the Option Agreement, for an aggregate one year hold period. In order to complete the exercise of the option, Margaux must: (i) issue 17,460,000 common shares in the capital of the Company on the date that is 12 months from the date of the Option Agreement; (ii) issue 23,280,000 common shares in the capital of the Company on the date that is 18 months from the date of the Option Agreement; and (iii) undertake certain exploration expenditures on the Property and satisfy certain other conditions. For further information, see the Company's press release dated June 24, 2019. Promissory NoteThe Company issued a $90,000 Promissory Note (\"Note\") to an arm's length third party. Pursuant to the Note, the Company ...

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