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Southern Empire Acquires Remaining 25% Interest in Oro Cruz Gold Project
(via TheNewswire) TheNewswire - June 26, 2020 - Southern Empire Resources Corp. ...
About this update from Southern Empire Resources Corp
[{"type":"text","content":"Southern Empire Acquires Remaining 25% Interest in Oro Cruz Gold Project(via TheNewswire)\n \n \nTheNewswire - June 26, 2020 - Southern Empire Resources Corp. (\"Southern Empire\") (TSXV:SMP) (Frankfurt:5RE) is pleased to announce that it has consolidated its interest in the Oro Cruz Gold Project by entering into an option agreement (the \"Option Agreement\") with its Chairman, Ronald Netolitzky, which allows Southern Empire to acquire the remaining 25% interest in the Oro Cruz Property.\n\n\n \nHighlights of the Transaction\n\n\n \n- Southern Empire can now acquire a 100% interest in the Oro Cruz Gold Project.\n\n\n \n- Option acquisition price for the remaining 25% is CAD $440,000, which is Mr. Netolitzky's cost.\n\n\n \n\"Southern Empire now has the ability to consolidate a 100% interest in the Oro Cruz Gold Project after all underlying option agreements are exercised. We are very grateful to Ron for providing us the opportunity to acquire this remaining 25% interest not only at no increase to his original acquisition cost, but also over a 3-year time period. Given the historical, high-grade gold values encountered at Oro Cruz, we view it as one of the pre-eminent exploration and development gold projects in the southwestern United States\" stated Dale Wallster, CEO of Southern Empire.\n\n\n \nTerms of the Transaction\n\n\n \nPursuant to the terms of the Option Agreement, Southern Empire may acquire the remaining 25% interest in the Oro Cruz Property by paying a total of CAD $440,000 to Mr. Netolitzky as follows: \n\n\n \n- CAD $140,000 on receipt of TSX Venture Exchange approval, \n\n\n \n- CAD $100,000 on the first anniversary, \n\n\n \n- CAD $100,000 on the second anniversary, and \n\n\n \n- CAD $100,000 on the third anniversary. \n\n\n \nSouthern Empire may, at its sole option, satisfy the option payments by the issuance of common shares at the five-day volume weighted average price prior to the issuance of such shares.\n\n\n \nMr. Netolitzky, Chairman and a director, is a related party to Southern Empire. As a result, the transaction is subject to Multilateral Instrument 61-101 - Protection of Minority Holders in Special Transactions. The transaction was reviewed and unanimously approved by Southern Empire's Board of Directors. The acquisition will be exempt from the formal valuation and minority approval requirements of...