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Delta Resources Grants Yorkton Ventures an Extension Until April 20, 2020 to complete Its Due Diligence on the Sale of its Bellechasse-Timmins Property
KINGSTON, ON / ACCESSWIRE / April 1, 2020 / Delta Resources Limited ("Delta") (TSXV:DLTA)...
About this update from Delta Resources Limited
[{"type":"text","content":"Delta Resources Grants Yorkton Ventures an Extension Until April 20, 2020 to complete Its Due Diligence on the Sale of its Bellechasse-Timmins PropertyKINGSTON, ON / ACCESSWIRE / April 1, 2020 / Delta Resources Limited (\"Delta\") (TSXV:DLTA) has granted an extension to Yorkton Ventures Inc. (\"Yorkton\") in regards to the Letter of Intent (\"LOI\") signed by both parties on January 14, 2020 for the sale of its interest in the Bellechasse-Timmins property (the \"Property\") and associated claims in southeastern Quebec for $1,700,000. As per an amendment agreement signed on March 31, 2020 by both parties, Yorkton will now have until April 20th, 2020 to complete its due diligence on the property. During this time, Yorkton will preserve its exclusive rights to acquire the property in exchange for a non-refundable cash payment of C$10,000.00 which has already been received by Delta. Yorkton will also assume all additional costs for the due diligence work. All other terms of the LOI signed on January 14, 2020, remain the same.The agreement is subject to Yorkton completing a legal, technical and environmental due diligence on the Property. If the due diligence is not satisfactory to Yorkton at its sole discretion, they shall have the right to terminate the LOI.Proposed Terms of the Agreement:To acquire a 100% interest in the Property, Yorkton will:Make a $100,000 cash payment within 10 days of signing of a definitive agreement,Make a $250,000 cash payment within 90 days after signing of a definitive agreement,Make a $350,000 cash payment within 180 days after signing of a definitive agreement,Make a $450,000 cash payment within 270 days after signing of a definitive agreementMake a $550,000 cash payment within 360 days after signing of a definitive agreementYorkton will also commit to paying Delta a gold royalty of I% NSR on any and all commercial production of gold. Yorkton may re-purchase 0.5% of the NSR for $1 Million at anytime.The parties agree to negotiate, in good faith, a formal agreement with respect to the transaction (the \"Definitive Agreement\"), together with such other documentation as is normally entered into in commercial transactions of this nature.The LOI and the transaction are subject to:(i) Satisfactory completion of the due diligence on the Property by the Purchasers;(ii) All required corporate and regulatory ap...