Deep-South Resources Closes the Acquisition of 90% of the St John Property Neighboring the Kokoya Gold Mine in Liberia

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[{"type":"text","content":"Deep-South Resources Closes the Acquisition of 90% of the St John Property Neighboring the Kokoya Gold Mine in Liberia(via TheNewswire)\n \n \nVancouver, B.C., Canada / TheNewswire / April 16, 2018 - Deep-South Resources Inc. (\"Deep-South\" or \"the Company\") (TSX-V: DSM) announces that it has closed the acquisition of 90% of the St John project, neighboring the Kokoya gold mine situated in the northeast of Liberia. \n\n \n \nDeep-South has acquired 90% of the common shares of Jarjlokpo Resources Ltd, which holds the Reconnaissance Licence forming the St John project, in consideration for a cash payment of US $ 20,000.00 and the issuance of 250,000 common shares of Deep-South to Sparrowhawk Gold Ltd (\"Sparrowhawk\"), the owner of Jarjlokpo.\n\n\n \nFurthermore, Deep-South shall incur the following payments and shares issuance to Sparrowhawk: \n\n\n \nOn Cash Payments Shares Issuance\n\n\n \nFirst Anniversary of Closing Date US$ 20,000 250,000\nSecond Anniversary of Closing Date US$ 35,000 250,000\nThird Anniversary of Closing Date US$ 50,000 250,000\n\n\n\n \nDeep-South shall also incur the conditional following shares issuance and payments to Sparrowhawk:\n\n\n \n\n\n--On the confirmation of a NI 43-101 inferred resource of 350,000 oz Au on the property, 250,000 shares of Deep-South; \n\n\n\n--On the confirmation of a NI 43-101 inferred resource of 750,000 oz Au on the property, 500,000 shares of Deep-South; \n\n\n\n--On the confirmation of a NI 43-101 inferred resource of 1.5 million oz Au on the property, 500,000 shares of Deep-South; \n\n\n\n\n \nSparrowhawk shall be entitled to a production bonus of US $ 1million to be paid 60 days after the day of commercial production commencement;\n\n\n \nSparrowhawk shall be entitled to hold a 1.5% Net Smelter Returns royalty (\"NSR\") calculated on 100% of production from the Property (the \"NSR\"). Deep-South shall hold an option to buy back 1/2 of the NSR by making a cash payment of $500,000 to Sparrowhawk at any time \n\n \n \nAll securities issued pursuant to the Letter of Agreement and to Sparrowhawk Gold Limited are subject to a holding period of four months and a day from the date of issuance.\n\n \n \nMr. John Akwenye, Chairman of Deep-South stated, \"We are delighted with this transaction. We are securing a large area in the heart of a promising area that already host a lar...

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