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Quadro Receives Conditional Approval for NEX Reactivation and Conditional Approval to Acquire Staghorn and Rose Properties
Vancouver, British Columbia--(Newsfile Corp. - August 21, 2017) - Quadro Resources Ltd. (TSXV:...
About this update from Quadro Resources Ltd.
[{"type":"text","content":"Quadro Receives Conditional Approval for NEX Reactivation and Conditional Approval to Acquire Staghorn and Rose PropertiesVancouver, British Columbia--(Newsfile Corp. - August 21, 2017) - Quadro Resources Ltd. (TSXV: QRO.H) (\"Quadro\" or \"the Company\") is pleased to announce the conditional acceptance of its reactivation from the NEX board to the TSX Venture Exchange (the \"Reactivation\") and the conditional acceptance of the option to acquire a 100% interest in the interest of Benton Resources Inc. (\"Benton\") and Metals Creek Resources Corp. (\"Metals Creek\") in the Staghorn property, located in Newfoundland and an assignment of Benton's and Metal Creek's rights to acquire the newly optioned Rose Gold property (the \"Option\") pursuant to the terms of the option agreement Quadro has with Benton and Metals Creek (the \"Quadro Option Agreement\"). The Rose Gold property is contiguous with the northern border of the Staghorn property, and is further described in the Company's press release of April 12, 2017. Final acceptance of the Reactivation is subject to Quadro: obtaining final acceptance of the Option; settling approximately $225,000 in debt by the issuance of shares at $0.10 per share; and completing a financing of up to $2 million.Under the terms of the Quadro Option Agreement Quadro is required to: complete a 2:1 share consolidation (completed); settle approximately $225,000 of debt by the issuance of $0.10 shares (acceptance pending); issue 4,000,000 common shares (post-consolidation) to each of Metals Creek and Benton (pending) and complete a financing of up to $2 million (pending). Quadro must also assume all the obligations under the Rose Gold property option, for which the optionor of the Rose Gold property has agreed to accept common shares of Quadro in lieu of the 225,000 common shares of Metals Creek and 225,000 common shares of Benton (450,000 shares combined) originally negotiated. The Quadro Option Agreement also provides for 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 Staghorn project has multiple gold showings along the Cape Ray Fault approximately 30km SW along strike of Mar...