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Boxxer announces issuance of shares under the Empire Project Option Agreement
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UN...
About this update from Exgen Resources Inc.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Jan. 22, 2014 /CNW/ - Boxxer Gold Corp. (TSX Venture: BXX/OTC: BXXRF) (\"Boxxer\") announced today that, further to the press releases dated July 4,\n 2013, July 23, 2013 and August 26, 2013, Boxxer has issued 2,000,000\n common shares to Musgrove Minerals Corp. (\"Musgrove\") pursuant to the Empire Project Option Agreement, as amended, among\n Konnex Resources Inc. (\"Konnex\") and Musgrove.\n\n\nKonnex became the wholly-owned subsidiary of Boxxer on August 30, 2013\n pursuant to the recent acquisition of all the common shares of Konnex\n by Boxxer (the \"Acquisition\").  At the time of the Acquisition, pursuant to the Empire Project\n Option Agreement, in order to exercise the option on the Empire\n Project, Konnex was required to issue Musgrove 1,000,000 Konnex shares\n (which equates to 5,000,000 Boxxer common shares) and pay $950,000 to\n earn a 95% interest. Konnex can also elect to pay an additional\n $225,000 to Musgrove to earn the final 5% interest.  On September 19,\n 2013, Konnex, Boxxer and Musgrove entered into an amending agreement in\n relation to the Empire Project Option Agreement (the \"Amending Agreement\").  Pursuant to the Amending Agreement, Boxxer and Konnex agreed to\n issue an additional 1,000,000 Boxxer common shares to Musgrove (for a\n total of 6,000,000 Boxxer common shares).  In exchange for issuing the\n additional 1,000,000 Boxxer common shares, Musgrove agreed to defer\n $330,000 of option payments until July 1, 2015.  In addition, pursuant\n to the Amending Agreement, the parties agreed to amend the timing of\n the issuance of the Boxxer common shares required to exercise the\n option under the Empire Project Option Agreement such that 2,000,000\n Boxxer common shares were due on October 30, 2013, 1,000,000 Boxxer\n Shares are due on April 30, 2014 and 3,000,000 Boxxer common shares are\n due on October 30, 2014.\n\n\nAbout Boxxer Gold Corp.\n\n\nBoxxer is a Canadian junior resource company involved in the exploration\n for large polymetallic copper deposits in North America.  Boxxer's\n active projects include the Boss and Buena Vista copper projects in the\n state of Nevada, the Empire copper-gold-silver property in Idaho, the\n DOK coppe...