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MinKap Resources Inc. and Ubique Minerals Inc. Amend Option Agreement for Daniel's Harbour Property, Newfoundland
TORONTO, ON / ACCESSWIRE / December 10, 2019 / MinKap Resources Inc. (TSXV:KAP) (the " Compa...
About this update from Ophir Metals Corp
[{"type":"text","content":"MinKap Resources Inc. and Ubique Minerals Inc. Amend Option Agreement for Daniel’s Harbour Property, NewfoundlandTORONTO, ON / ACCESSWIRE / December 10, 2019 / MinKap Resources Inc. (TSXV:KAP) (the \"Company\") and Ubique Minerals Limited (CSE:UBQ) (\"Ubique\") announce that they have agreed to modify the terms of the previously announced option agreement (the \"Option Agreement\") for the Daniel's Harbour property located in Newfoundland (the \"Property\") with respect to the timing of certain work and payment commitments.The Option Agreement has been revised as per the table below:Date/PeriodAmounts PayableSharesExpenditureOn signing of this Agreement, which date being February 13th, 2019$10,000500,000 On or before March 9, 2019 $12,000 and file a work assessment reportOn or before September 15, 2019 an additional $88,000 (for a total of $100,000)On or before the date that is 1 year from the date of the signing of this Agreement i.e. February 12th, 2020additional $10,000additional 500,000 On or before the date that is 2 years from the date of the signing of this Agreement, i.e. February 12th, 2021 additional 200,000 On or before February 28, 2021 an additional $200,000 (for a total of $300,000)On or before September 1st, 2021 $40,000 cash payment for the payment to the Vendors from whom KAP optioned the propertyOn or before February 28, 2022 an additional $300,000 (for a total of $600,000), which amounts include payments to the Vendors from whom KAP optioned the propertyOn or before the expiration of Year 5, i.e. February 12th, 2024 $400,000On completion of all the conditions outlined in the table above, Ubique will have earned an undivided 55% interest in the Property. Thereafter the Option Agreement provides for Ubique to earn an additional 15% interest, the terms of which acquisition have not changed from those in the original Option Agreement.On behalf of the Board of Directors MinKap Resources Inc.Jonathan ArmesPresident & CEOPhone 1 (416) 708-0243Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including stateme...