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Ridgestone Mining Inc. Announces Proposed Option to Acquire 100% Interest in Rebeico Property
Vancouver, British Columbia--(Newsfile Corp. - April 9, 2018) - Ridgestone Mining Inc. (TSXV...
About this update from Ridgestone Mining, Inc.
[{"type":"text","content":"Ridgestone Mining Inc. Announces Proposed Option to Acquire 100% Interest in Rebeico PropertyVancouver, British Columbia--(Newsfile Corp. - April 9, 2018) - Ridgestone Mining Inc. (TSXV: RMI) (the \"Company\" or \"Ridgestone\"), further to its news release dated March 8, 2018, the Company is pleased to announce that it has entered into an option agreement with YQ Gold de Mexico, S. de R.L. de C.V. (\"YQ Gold\"), with respect to a proposed option (\"Option\") to acquire a 100% interest in what is known as the gold-copper Rebeico Property (the \"Option Transaction\"). The Rebeico Property is comprised of 6 mining concessions covering approximately 167 hectares in Sonora, Mexico. The Option Transaction is subject to approval of the TSX Venture Exchange (\"Exchange Approval\"). The terms of the Option require Ridgestone to make 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 common shares of Ridgestone (\"Option Shares\") having an equivalent fair market value. In addition, the Company must also incur exploration expenditures of US$1,000,000 within two years from Exchange Approval and pay 50% of the net profits derived from commercial production from the Rebeico Property, to a maximum amount of US$1,450,000, to YQ Gold. Upon exercise of the Option, a 2% net smelter returns royalty (\"NSR\") will be granted to certain shareholders of YQ Gold. Ridgestone will have the right to repurchase one-half of the NSR, being 1%, for US$1,000,000.Any Option Shares issued to YQ Gold will be subject to a hold period of four months and one day. 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 responsibility for the adequacy or accuracy of this release.This news release contains forward-looking statements or information (collectively referred to herein as \"forward-looking statements\"). Such...