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Benton and Metals Creek Receive Conditional Approval to Option Staghorn and Rose Properties to Quadro Resources
Thunder Bay, Ontario--(Newsfile Corp. - August 21, 2017) - Benton Resources Inc. (TSXV: BEX) (...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Benton and Metals Creek Receive Conditional Approval to Option Staghorn and Rose Properties to Quadro ResourcesThunder Bay, Ontario--(Newsfile Corp. - August 21, 2017) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or \"the Company\") and Metals Creek Resources Corp. (TSXV: MEK) (\"Metals Creek\") are pleased to announce that they have been advised by Quadro Resources Ltd. (TSXV: QRO.H) (\"Quadro\") of the conditional acceptance of its reactivation from the NEX board to the TSX Venture Exchange (the \"Reactivation\") and the conditional acceptance of the option to acquire a 100% interest of and Metals Creek and Benton's Staghorn property, located in Newfoundland and an assignment of Benton's and Metal Creek's rights to acquire the newly optioned Rose Gold property (the \"Option\"), pursuant to the terms of the option agreement Quadro has with Benton and Metals Creek (the \"Quadro Option Agreement\"). The Rose Gold property is contiguous with the northern border of the Staghorn property, and is further described in the Company's press release dated April 12, 2017. Final acceptance of the Reactivation is subject to Quadro: Obtaining final acceptance of the Option; settling approximately $225,000 in debt by the issuance of shares at $0.10 per share (final acceptance pending); and completing a financing of up to $2 million. Under the terms of the Quadro Option Agreement and the terms agreed to by the TSX Venture exchange are, Quadro had to complete a 2:1 share consolidation (completed), has to complete a financing of up to $2 million and issue 4,000,000 common shares (post-consolidation) to each of Metals Creek and Benton. Quadro must also assume all the obligations under the Rose Gold property option, for which the optionor has agreed to accept common shares of Quadro in lieu of the 250,000 common shares of Metals Creek and 250,000 common shares of Benton (450,000 shares combined) originally negotiated. The Quadro Option Agreement will be subject to a royalty to be granted in favor of Metals Creek and Benton (the \"Metals Creek/Benton Royalty\"), as well as existing royalties held by Ed Northcott and Gilbert Lushman (the \"Northcott/Lushman Royalty\"), and by Shawn Rose (the \"Rose Royalty). The Staghorn project has multiple gold showings along the Cape Ray Fault approximately 30km SW along strike of Marathons Gold's Newfoundland ...