Business
Rogue Stone Update: Sales Continue from Bobcaygeon; Corporate: Radio Hill Consolidated, Update Call next Wednesday
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES Operations ...
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[{"type":"text","content":"Rogue Stone Update: Sales Continue from Bobcaygeon; Corporate: Radio Hill Consolidated, Update Call next WednesdayNOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICESOperations continuing at Bobcaygeon Quarry with sales of Armour, Step and Flag limestoneNegotiated purchase of iron ore rights for the Radio Hill Project in Timmins, consolidating Rogue's ownershipA Corporate Update conference call will be held on Wednesday, January 22, 2020 at 12:00pm ESTTORONTO, ON / ACCESSWIRE / January 16, 2020 / Rogue Resources Inc. (TSX-V:RRS) (\"Rogue\" or the \"Company\") is pleased to announce that limestone continues to be produced and sold from the Bobcaygeon Quarry. Rogue Stone continues with a team of 3-4 operators at the Bobcaygeon Quarry, working daily on heavy equipment (including excavators and loaders), ramping up production from the site, loading flatbed road-trucks and increasing sales week to week. Payments have been received from clients for these sales and the business is advancing consistent with management's expectations. Discussions continue regarding the financing for the Orillia Quarry acquisition (see purchase terms within Rogue's November 21, 2019 press release).Rogue Timmins- consolidating ownership of the Radio Hill ProjectAs part of the Company's Amended Option Agreement (the \"Agreement\") for the Radio Hill Project (dated June 16, 2016) Rogue has been making annual payments of 50,000 shares to the group of optionors (the \"Optionors\") to maintain the iron ore rights for the property and a buyout would cost approximately $7 million. Rogue has now negotiated an amendment to the Agreement where the Company will make a final payment of 100,000 shares to the Optionors in return for full ownership of the iron ore rights in the future. As part of this amendment, if the property ever produces iron ore, the Optionors will receive a 1.5% net smelter return (\"NSR\") interest. If completed, there will be no further share or cash payments made to the Optionors and Rogue would have consolidated 100% right, title and interest in the property, subject to the potential future NSR.The Radio Hill Project comprises of a 1,800 hectare land package located 85 km southwest of Timmins, Ontario. The Radio Hill Project sits in the middle of the West Timmins Project, owned by GFG Resources Inc. (TSX-V: GFG). In Dece...