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Ridgestone Mining Inc. Announces Assignment of Proposed Option to Acquire 100% Interest in Rebeico Property
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2018) - Ridgestone Mining Inc. (TSXV: ...
About this update from Ridgestone Mining, Inc.
[{"type":"text","content":"Ridgestone Mining Inc. Announces Assignment of Proposed Option to Acquire 100% Interest in Rebeico PropertyVancouver, British Columbia--(Newsfile Corp. - March 8, 2018) - Ridgestone Mining Inc. (TSXV: RMI) (the \"Company\" or \"Ridgestone\"), is pleased to announce that it has entered into an assignment agreement with 1082223 B.C. Ltd. pursuant to which the Company has obtained 1082223 B.C. Ltd.'s rights (the \"Assignment\"), under a letter of intent (the \"LOI\") with YQ Gold de Mexico, S. de R.L. de C.V. (\"YQ Gold\"), to a proposed option to acquire a 100% interest in what is known as the gold-copper Rebeico Property.The Rebeico Property is comprised of 6 mining concessions covering approximately 167 hectares in Sonora, Mexico. The Company is currently working towards completion of a definitive agreement with YQ Gold to govern the grant and exercise of the Option, which will be subject to approval of the TSX Venture Exchange (\"Exchange Approval\"). Under the terms of the Option, Ridgestone would be required to pay an aggregate of US$500,000 in cash payments to YQ Gold over a period of six months from receipt of Exchange Approval of which US$350,000 may be satisfied through the issuance of Ridgestone shares having an equivalent fair market value, and also incur exploration expenditures of US$1,000,000 within two years from Exchange Approval. In addition, exercise of the Option would also require Ridgestone to pay 50% of the profit derived from commercial production from the Rebeico Property, to a maximum amount of US$1,450,000, to YQ Gold and grant a 2% NSR (subject to an optional repurchase by Ridgestone for US$1,000,000) to certain shareholders of YQ Gold. As part of the Assignment, Ridgestone will reimburse CDN$55,000 to 1082223 B.C. Ltd. for a deposit and related expenses previously paid by 1082223 B.C. Ltd. to YQ Gold under the LOI. For further information, please contact:Erwin WongChief Financial Officer and Corporate SecretaryRidgestone Mining Inc.Telephone: 604-377-8758About the CompanyRidgestone Mining Inc. is engaged in the business of mineral exploration and holds an option to acquire a 100% interest in the Cimarron Gold Property located in Nye County, Nevada, USA.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsib...