Business
PJX Resources Signs Agreement to Acquire 100% Interest in Cranbrook Properties
PJX Resources Signs Agreement to Acquire 100% Interest in Cranbrook Properties Toronto, Onta...
About this update from Pjx Resources Inc.
[{"type":"text","content":"PJX Resources Signs Agreement to Acquire 100% Interest in Cranbrook PropertiesPJX Resources Signs Agreement to Acquire 100% Interest in Cranbrook Properties\nToronto, Ontario CANADA, July 15, 2013 /FSC/ - PJX Resources Inc. (PJX - TSX Venture), (the \"PJX\" or the \"Company\") is pleased to announce that the Company has entered into a Purchase and Sale Agreement (the \"Agreement\") with SG Spirit Gold Inc. (SG) to acquire a 100% interest in properties (the \"Properties\") located in Cranbrook, British Columbia, that were initially under option to PJX.    \nThe initial option agreement [the \"Option Agreement\"] with SG, dated September 14, 2010, allowed PJX to earn up to an 80% interest in the properties by spending $2.5 million in exploration work and paying $215,000 in cash payments over 4 years.  Under the Agreement, PJX will have full ownership with no NSR or other retained interest by SG, and PJX will not have to complete approximately $750,000 in remaining work commitments.   The Agreement requires PJX to make the remaining cash payments of $125,000 that would have had to be made under the Option Agreement, and issue 500,000 PJX shares (the \"Shares\") to SG that were not in the Option Agreement.  SG has agreed to not sell the Shares for a period of 2 years from the closing date of the agreement and vote with PJX Management and Board during this period.  If, at any time after 2 years, SG wishes to assign, sell or transfer the Shares, SG must notify PJX and PJX will have the opportunity to arrange for the sale of the Shares on terms not less favourable to SG than the terms contained in the notice provided by SG. \nThe Agreement is subject to the approval of the TSX Venture Exchange and is also conditional on the closing of a reverse takeover (RTO) between SG and Pangea Energy Corp., a private oil and gas company.  The intended RTO was announced on April 8, 2013 and completion of the transaction is expected to occur in the coming months. \nProperty highlights include: \n* The Dewdney Trail Property, with over 14 km of favourable stratigraphy hosting gold showings with rock grab samples ranging up to 15 g/t gold.\n* The Zinger Property with an 8 km long trend of gold in rock with grab samples returning up to 39 g/t gold.\n* The Vine Property with gold, silv...