Roughrider Funds New Genesis Work Program and Makes Final Option Payment to Earn 50% Interest in Genesis Property

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[{"type":"text","content":"Roughrider Funds New Genesis Work Program and Makes Final Option Payment to Earn 50% Interest in Genesis PropertyVANCOUVER, BC / ACCESSWIRE / September 1, 2017 / Roughrider Exploration Limited (TSX-V: REL) (\"Roughrider\" or the \"Company\") - announces that it has transferred funds to Kivalliq Energy Corporation (\"Kivalliq\") to undertake a new work program on the Genesis Uranium Project in Saskatchewan starting September 2017. The transfer of funds completes Roughrider's expenditure commitment obligations allowing Roughrider to earn its 50% Initial Interest (the \"Initial Interest\") in the Genesis Property, pursuant to the terms of the Option Agreement, as amended December 21, 2015 (the \"Option Agreement\"). The new work program will be announced upon final contracting of service providers.\nRoughrider also announces that it has received the TSX Venture Exchange (the \"Exchange\") approval for certain share issuances pursuant to the terms of the Option Agreement, under which the Company holds the right to acquire up to an 85% interest in the Genesis Property, from Kivalliq Energy Corporation (\"Kivalliq\").\nPursuant to the terms of the Option Agreement, a cash payment of $175,000 (the \"Option Payment\") was required by August 31, 2017 to earn the 50% Initial Interest. In accordance with the terms of the Option Agreement, Roughrider elected to satisfy the Option Payment through the issuance of 2,500,000 Shares at a deemed value per share of $0.07 (the \"Share Payment\"). The Share Payment has been made.\nThe Option Agreement also provides that future payments of $250,000 and $450,000 due on August 31, 2018 and 2019, respectively, are required to earn the additional 35% interest in the Genesis Property. Subject to Exchange approval, Roughrider may elect to pay these payments through the issuance of common shares at a price per share equal to the volume weighted average price of the Company's shares traded through the facilities of the Exchange on the 20 trading days preceding August 21 of the applicable year. Should Roughrider elect to satisfy future payments through share issuances, Exchange approval will be sought at the time such election is made.\nIn addition to any statutory or Exchange hold period, any shares issued in connection with the Option Agreement will be subject to a one year hold period from date of issuance...

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