Margaret Lake Diamonds Announces Option of Morrison Copper-Gold Project Located in Omineca Region of British Columbia

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[{"type":"text","content":"Margaret Lake Diamonds Announces Option of Morrison Copper-Gold Project Located in Omineca Region of British ColumbiaVANCOUVER, BC / ACCESSWIRE / August 6, 2020 / Margaret Lake Diamonds Inc. (\"MLD\" or the \"Company\") (TSX.V:DIA) (FKT:M85) (OTC:DDIAF) is pleased to announce it has entered into an option agreement dated August 1, 2020 (the \"Agreement\") to acquire a 100% right, title and interest free of all encumbrances in the Morrison Copper-Gold Deposit (MINFILE 093M007) located 65km North East of Smithers, B.C. (the \"Project\"). In order exercise its option to acquire an undivided eighty percent right, title and interest in and to the Project (the \"80% Interest\"), subject to a net smelter returns royalty described below, the Company has agreed to pay cash consideration and issue share consideration to 1240089 B.C. Ltd. and 1258713 B.C. Ltd. (collectively the \"Vendors\") and incur exploration expenditures (\"Exploration Expenditures\") on the Project on the following basis:Cash payments totaling $12,150,000 (the \"Cash Payment\") under the following schedule:$150,000 upon execution of the Agreement;$2,000,000 upon receipt of TSX Venture Exchange (\"TSXV\") acceptance to the Agreement;$4,000,000 prior to August 1, 2021;$3,000,000 prior to August 1, 2022;$3,000,000 prior to August 1, 2023.The Company has further agreed to issue, subject to TSXV acceptance, 19,000,000 common shares of the Company to the Vendors (the \"Consideration Share Payment\", and together with the Cash Payment, the \"Purchase Price\") for the 80% Interest. For greater clarity 9,500,000 shares will be issued to each of 1240089 B.C. Ltd. and 1258713 B.C. Ltd. under the following schedule:4,000,000 common shares upon receipt of TSXV acceptance of the Agreement;5,000,000 common shares prior to August 1, 2021;5,000,000 common shares prior to August 1, 2022;5,000,000 common shares prior to August 1, 2023;For greater clarity, the Purchase Price shall be payable in equal portions to each of the Vendors, the Vendors do not intend to act in concert in respect of forming a \"Control Person\" of the Company and the transaction is an \"Arm's length\" transaction as defined in the policies of the TSXV.Exploration Expenditures:On or before July 1, 2023, the Company shall expend an aggregate amount of $1,050,000 of Expenditures (as defined in the Agreement) in respe...

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