Business
Kiboko Completes the Option on Tres-Or's Gold Project in Québec
Vancouver, British Columbia--(Newsfile Corp. - July 21, 2022) - Tres-Or Resources Ltd. ( TSXV:...
About this update from Tres-or Resources Ltd.
[{"type":"text","content":"Kiboko Completes the Option on Tres-Or's Gold Project in QuébecVancouver, British Columbia--(Newsfile Corp. - July 21, 2022) - Tres-Or Resources Ltd. (TSXV: TRS) (OTC Pink: TRSFF) (\"Tres-Or\" or the \"Company\") is pleased to announce that all terms in the Amended and Restated Option Agreement with Kiboko Gold Inc. (\"Kiboko\") dated November 30, 2021, have been completed. Tres-Or also reports that its rights, title and interests in 234 mineral claims comprising the Harricana Gold Project in Quebec now transfer to Kiboko. \"On behalf of Tres-Or and all our shareholders, I wish to congratulate Kiboko on successfully completing its IPO and fully executing on our Option Agreement. As Kiboko's largest shareholder, Tres-Or is excited for Kiboko's team to commence with its exploration drilling programs and unlock the value in this gold project for all our stakeholders,\" said Tres-Or's President and CEO Laura Lee Duffett.About the Amended and Restated Option AgreementUnder the amended and restated option agreement Kiboko was granted a one stage option to acquire all the Company's interest in the Fontana Gold Project (234 claims) subject to certain royalty interests as per Tres-Or news releases dated December 1, 2021, and January 19, 2022. To exercise this Amended and Restated Option Kiboko was to:(a) return 2,000,001 Tres-Or common shares and return for cancellation 1,000,001 warrants of the Company previously issued to Kiboko;(b) deposit $300,000 with Tres-Or's counsel on or before November 30, 2021, to be applied as to $200,000 to be paid to Globex Mining Enterprises Inc. to satisfy certain outstanding obligations with the balance to be paid to Tres-Or (complete);(c) on or before June 30, 2022, complete an initial public offering of Kiboko securities having gross proceeds of a minimum of $3,000,000 (the \"IPO\") (complete); and(d) within 30 days of the closing of the IPO pay $350,000 (paid) to Tres-Or and issue to the Company shares of Kiboko (the \"Kiboko Shares\") having a value of $1,500,000 based upon a share price equal to the price at which Kiboko's common shares were issued in the IPO. Tres-Or has ownership and control over 6,002,400 shares (13.6%) of Kiboko.The Kiboko Shares are to be subject to a 12 month hold period and such other restrictions as are imposed under the policies of the BC Securities Commission and the ...