Business
Wildsky Resources Inc. Announces Letter of Intent Concerning Option of Cassiar Gold Corp.
Vancouver, British Columbia--(Newsfile Corp. - January 21, 2019) - Wildsky Resources Inc. ...
About this update from Wildsky Resources Inc.
[{"type":"text","content":"Wildsky Resources Inc. Announces Letter of Intent Concerning Option of Cassiar Gold Corp.Vancouver, British Columbia--(Newsfile Corp. - January 21, 2019) - Wildsky Resources Inc. (TSXV: WSK) (the \"Company\") is pleased to announce that the Company has entered into a letter of intent (the \"LOI\") with Margaux Resources Ltd. (TSXV: MRL)(\"Margaux\"). Pursuant to the terms of the LOI, the Company will grant (the \"Transaction\") Margaux an option (the \"Option\") to acquire all of the common shares (the \"Cassiar Shares\") in the capital of the Company's wholly-owned subsidiary Cassiar Gold Corp. (\"Cassiar\") from the Company. The Transaction is subject to the following conditions:Negotiation and execution of a definitive Option agreement (the \"Definitive Agreement\");Approval of the Transaction by the board of directors of both the Company and of Margaux; Approval of the Transaction by the TSX Venture Exchange; andApproval of the shareholders of the Company.In order to exercise the Option, Margaux must issue 58,200,000 common shares (the \"Payment Shares\") in the capital of Margaux, issued at a deemed price of $0.08 per Payment Share for aggregate consideration of $4.656 million, undertake exploration on Cassiar's property and satisfy certain other conditions as follows:(a) 5,820,000 Payment Shares being issued to Wildsky on execution of the Definitive Agreement, as fully paid and non-assessable securities;(b) 11,640,000 Payment Shares being issued to Wildsky no later than six (6) months after execution of the Definitive Agreement, as fully paid and non-assessable securities;(c) 17,460,000 Payment Shares issued to Wildsky no later than twelve (12) months after execution of the Definitive Agreement, as fully paid and non-assessable securities; and(d) 23,280,000 Payment Shares issued to Wildsky no later than eighteen (18) months after execution of the Definitive Agreement, as fully paid and non-assessable securities. (e) Margaux will expend at least $400,000 on the planning, development and execution of the Cassiar 2019 work program, based on a mutually approved budget;(f) Six (6) Months after execution of the Definitive Agreement, Wildsky will have the right to appoint one (1) member to the board of directors of Margaux;(g) Twelve (12) Months after execution of the Definitive Agreements, Wildsky will have the ri...