Business
Corporate Update: CFO Transitioning and Amended Snow White Payment Terms
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES Vancouver-b...
About this update from Clean Energy Transition Inc.
[{"type":"text","content":"Corporate Update: CFO Transitioning and Amended Snow White Payment TermsNOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICESVancouver-based CFO transitioning to a fulltime positionCompany has secured Toronto-based finance and accounting supportPartnered with Option Holders to amend timing of cash payments for the Snow White PropertyTORONTO, ON / ACCESSWIRE / February 21, 2020 / Rogue Resources Inc. (TSX-V:RRS) (\"Rogue\" or the \"Company\") is disappointed to announce that Angela Yap, its Chief Financial Officer (\"CFO\") since March of 2015 has chosen to accept fulltime employment near her home in Vancouver and will transition out of the part-time CFO role she has held with the Company. Ms. Yap will continue to support Rogue as an Advisor and in her place, Rogue has secured a Toronto based external group to provide finance and accounting support.\"It is with a heavy heart that we lose Angela, she has been rocksteady since we joined Rogue in 2016 and she has repeatedly proven to be an invaluable member of our team\", said Sean Samson, President and CEO of Rogue. \"I understand her decision and we wish her the very best going forward.\"Mr. Samson will act as the Interim CFO until such time as an appropriate candidate is identified.Rogue is pleased to report that it has entered into an agreement to amend the payment terms (the \"Amendments\") for the Company's previously announced acquisition of the Snow White quartz project, located near Massey, Ontario, Canada (\"Snow White\" or the \"Project\"). Rogue acquired the Project in December 2017 from a Sudbury-based prospector (see press releases dated October 20, 2017 and December 14, 2017) and initially amended the terms in 2018 (see press release dated June 18, 2018). To date, Rogue has made cash payments totaling CAD$95,000. Under the terms of the Amended Agreement, Rogue has agreed to deliver additional cash payments of up to an aggregate of CAD$440,000 upon the earlier of achievement of certain production milestones and the end of 2024 (the \"Payment Period\") starting in December 2020. All other terms of the Agreement remain unchanged.The negotiated amended agreement shifts the payment schedule by 1 year, extending the term of the agreement to 2024 and increases the 2020 payment to $120,000 to maintain the option in good standing, adding a total of $40,0...