Business
Silk Road (Record Gold) Announces Grenfell Option Acquisition Update
Calgary, Alberta--(Newsfile Corp. - February 23, 2023) - Silk Road Energy Inc. (TSXV: SLK), doing...
About this update from Record Resources Inc
[{"type":"text","content":"Silk Road (Record Gold) Announces Grenfell Option Acquisition UpdateCalgary, Alberta--(Newsfile Corp. - February 23, 2023) - Silk Road Energy Inc. (TSXV: SLK), doing business under the name Record Gold, reports that it is presently initiating an independent geological report on the Grenfell gold property which is subject to an option agreement held by a private company with which it is transacting. Record Gold Corp is commencing a NI 43-101-compliant geological report on Grenfell, a gold property located near Kirkland Lake, Ontario, in order to meet TSX Venture Exchange policy conditions in regards to non-arms length asset sales. The report is expected to be ready for regulatory submission in two weeks.As previously disclosed (Silk Road News Release, September 7, 2022), the non-arms-length transaction with Pelangio Exploration Inc pursuant to a conveyance agreement executed on August 23, 2022, is with Record Gold Corp (\"Record Gold\"), an Ontario-based private exploration company. The transaction is a \"related party transaction\" as defined under MI 61-101 as Michael C. Judson is CEO, director and shareholder of Silk Road and President, director and shareholder of Record Gold. David Johnson is Corporate Secretary, director and shareholder of Silk Road and Corporate Secretary and shareholder of Record Gold. Dr. Paul Craig is a director and shareholder of Silk Road and a shareholder of Record Gold.Record Gold Corp has agreed to exchange its option agreement with Pelangio Exploration Inc. (PX.V) in return 40 million shares of Silk Road at a price of $0.05 per share. Following the transaction Silk Road will have 70,871,684 issued and outstanding shares. The Grenfell transaction requires the approval of the company's disinterested shareholders. This vote would follow the submission of the NI 43-101-compliant geological report to the TSX Venture Exchange and shareholders.Silk Road did receive approval for a corporate name change by the majority vote of disinterested shareholders (non-conflicted, non-insiders) following the special mailing to shareholders concluded on December 21, 2022. Following approval from the TSX Venture Exchange, the company's new name will be Record Resources Inc.The Grenfell gold property is comprised of 38 mining cells and eight leased claims covering an area of approximately 6.7 square kilometres and is loc...