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Quadro Announces Approval of Option to Acquire Staghorn Property, Shares for Debt, and Qualifies for Graduation to Tier 2 of the TSX Venture Exchange
Vancouver, British Columbia--(Newsfile Corp. - October 12, 2017) - Further to its August 21, 2...
About this update from Quadro Resources Ltd.
[{"type":"text","content":"Quadro Announces Approval of Option to Acquire Staghorn Property, Shares for Debt, and Qualifies for Graduation to Tier 2 of the TSX Venture ExchangeVancouver, British Columbia--(Newsfile Corp. - October 12, 2017) - Further to its August 21, 2017 news release, Quadro Resources Ltd. (\"Quadro\" or the \"Company\") (TSXV: QRO.H) is pleased to announce that the TSX Venture Exchange has accepted for filing the option agreement (the \"Option Agreement\") with Metals Creek Resources Corp. (TSXV: MEK ) (\"Metals Creek\") and Benton Resources Inc. (TSXV: BEX) (\"Benton\") (see Quadro's news release dated June 6, 2017) whereby Quadro will be provided with an option to acquire a 100% interest in Metals Creek's and Benton's Staghorn property, located in Newfoundland, and all rights to their newly optioned Rose Gold property (the Rose Gold property is contiguous with the northern border of the Staghorn property, and is further described in Metals Creek's press release of April 12, 2017) (collectively the \"Option\"). Under the terms of the Option Agreement Quadro will be issuing 4,000,000 common shares to each of Benton and Metals Creek. Quadro has assumed all of Metals Creek's and Benton's obligations under the Rose Gold property option, and will be issuing 450,000 common shares to Shawn Rose. The 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\"), all as outlined below. The Metals Creek/Benton Royalty represents a 3km area of interest that is subject to a 3% NSR in favour of Metals Creek/Benton, 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 Metals Creek/Benton; 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 Metals Creek/Benton.Barry Coughlan, President and CEO of Quadro \"Management believes that the Staghorn and Rose Go...