Business
Southern Empire to Issue Shares to Eros Resources in Consideration of the Gold Assets
Southern Empire to Issue Shares to Eros Resources in Consideration of the Gold Assets ...
About this update from Trident Resources Corp.
[{"type":"text","content":"\n\n\n\nSouthern Empire to Issue Shares to Eros Resources in Consideration of the Gold Assets\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 24, 2020\n\n\n\nVANCOUVER, March 24, 2020 /CNW/ - Eros Resources Corp. (TSX-V: \"ERC\" \"Eros\" or the \"Company\") is pleased to provide an update on the status of the Qualifying Transaction of Owl Capital Corp., previously announced on April 24, 2019 and December 19th, 2019. Owl Capital Corp. has since changed its name to Southern Empire Resources Corp (\"Southern Empire\"; TSX-V: SMP). \nSouthern Empire Resources Corp. has closed its Capital Pool Company (\"CPC\") Qualifying Transaction by acquiring a 75% interest in the Oro Cruz Gold Project located in California, an 85% interest in the Eastgate Gold Project located in Nevada, USA and a 4.93% undiluted equity interest in Bullfrog Gold Corp. (\"Bullfrog\"), an exploration stage company listed on the Canadian Securities Exchange and OTC Markets, collectively, the \"Gold Assets\".\nIn consideration of the Gold Assets acquired Southern Empire will issue common shares to Eros as follows:\n2,901,275 shares with respect to the acquisition of a 45% interest in the Eastgate Gold Project 8,545,000 shares with respect to the acquisition of an exclusive option to acquire a 37.5% interest in the Oro Cruz Gold Project; 2,856,665 shares with respect to the acquisition of 8,750,000 shares and 7,750,000 share purchase warrants in the capital of Bullfrog.All of these shares will be subject to the escrow requirements set forth in TSX Venture Exchange Policy 5.4 – Escrow, Vendor Consideration and Resale Restrictions whereby 10% of the escrowed shares will be released on the initial listing date and 15% of the escrowed shares will be released each six month period thereafter.\nEros has further agreed to sell a total of 5,000,000 escrowed common shares of Southern Empire to unrelated individuals for cash consideration.  The proceeds from this sale will be used to make tax advantaged investments in either flow-through shares or direct property inte...