Business
Northern Lights Resources Announces Acquisition of the Secret Pass Gold Project in Arizona
Vancouver, British Columbia - TheNewswire - July 15, 2019 - Northern Lights Resources Corp. (CNSX:NLR.CN) (the "Company" or "Northern Lights") is pleased to ann
About this update from Northern Lights Resources Corp
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - July 15, 2019 - Northern Lights Resources Corp. (CNSX:NLR.CN) (the \"Company\" or \"Northern Lights\") is pleased to announce that it has entered into a definitive agreement to acquire a 100% interest in the Secret Pass Gold Project (\"Secret Pass Gold Project\" or the \"Property\") located in Mohave County, northwestern Arizona (the \"Transaction\") as shown on Figure 1. Secret Pass consists of 84 unpatented lode mining claims comprising 655.6 hectares (1,620 acres) of claims under the administration of the US Bureau of Land Management (\"BLM\") and 212.4 hectares (524.9 acres) for a total of 868 hectares (2,145 acres). Figure 1: Location Map Secret Pass Gold Project The Transaction Northern Lights entered into a definitive agreement, executed on July 12, 2019, with a private Arizona resident (the \"Seller\") to acquire 100% interest in the Secret Pass Gold Project (the \"Agreement\"). Under the terms of the Agreement, Northern Lights holds an exclusive option to acquire the Project (the \"Option\") up until midnight Pacific daylight time on August 21, 2019 (the \"Option Expiry Date\"). Northern Lights is planning to complete its due diligence on the project prior to the Option Expiry Date. Company management is planning to be on site at the Project during the week beginning July 15, to conduct due diligence. Upon exercise of the Option, Northern Lights Resources agrees to make the following consideration payments: Within 5 working days following the exercise of the Option, Northern Lights will pay the Seller a cash consideration of US$75,000; Within 30 days following the exercise of the Option, Northern Lights will issue 2,000,000 common shares of Northern Lights to the Seller; and Under the terms of the Agreement Northern Lights will make the following additional payments:i) On or before August 28, 2019, a payment of US$150,000; plusii)On or before October 15, 2019, a final payment of US$125,000. Upon completion of the final payment on or before October 15, 2019, 100% ownership of the Project will be transferred to Northern Lights or its nominee free of any third party royalties. Other than the applicable Arizona State and BLM mineral production royalties there are no third party royalties payable on revenues produced from the Secret Pass Gold Project. Completion of the Transaction ...