Business
Benton and Metals Creek to Option Staghorn Property to Quadro Resources
Thunder Bay, Ontario--(Newsfile Corp. - June 7, 2017) - Benton Resources Inc. (TSXV: BEX) ("Be...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Benton and Metals Creek to Option Staghorn Property to Quadro ResourcesThunder Bay, Ontario--(Newsfile Corp. - June 7, 2017) - Benton Resources Inc. (TSXV: BEX) (\"Benton\" or \"the Company\") and Metals Creek Resources Corp. (TSXV: MEK) are pleased to announce that they have entered into an agreement (the \"Quadro Option\") with Quadro Resources Ltd. (TSXV: QRO) (\"Quadro\") wherby Quadro will have an option to acquire a 100% interest in the Staghorn property and all rights to the newly optioned Rose Gold property which is contiguous with the northern border of the Staghorn property (see Company PR dated April 12, 2017). Under the terms of the option Quadro must complete a 2:1 share consolidation, settle outstanding debts and payables, complete no less than a $1 million financing and issue 4,000,000 shares of Quadro (post-consolidation) to each of Benton and Metals Creek. Quadro must also assume all obligations of the Rose Gold property option, while the optionor has agreed to accept Quadro shares in place of the 225,000 Benton shares and 225,000 Metals Creek shares (450,000 shares combined) originally negotiated. The Quadro Option will be subject to the certain royalties held by Benton and Metals Creek (the \"Benton/Metals Creek Royalty\") as well as a royalty held by Ed Northcott and Gilbert Lushman (the \"Northcott/Lushman Royalty\") and a royalty held by Shawn Rose (the \"Rose Royalty\") all of which are described below (See Company website for maps and additional details): Figure 1: Northcott/Lushman Royalty MapTo view an enhanced version of Figure 1: Northcott/Lushman Royalty Map, please visit:http://orders.newsfilecorp.com/files/3657/27270_a1496841341929_50.jpgThe Benton/Metals Creek Royalty represents a 3km area of interest that is subject to a 3% NSR in favour of Benton/Metals Creek, 2% of which can be purchased at any time for $2 million;The Northcott/Lushman Royalty represents a 3km area of interest that is subject to: (i) a 2% NSR in favour of Ed Northcott and Gilbert Lushman, 1% of which can be purchased at any time for $1 million; and (ii) a 1% NSR in favour of Benton/Metals Creek; andThe Rose Royalty the together with a 1km area of interest is subject to: (i) a 2% NSR in favour of Shawn Rose, 1% of which can be purchased at any time for $1 million; and (ii) a 1% NSR in favour of Benton/Metals Creek.The Company wa...