Business
Wildsky Resources Inc. Announces Option Agreement with Margaux Resources Ltd.
Vancouver, British Columbia--(Newsfile Corp. - March 26, 2019) - Wildsky Resources Inc. (TSXV...
About this update from Wildsky Resources Inc.
[{"type":"text","content":"Wildsky Resources Inc. Announces Option Agreement with Margaux Resources Ltd.Vancouver, British Columbia--(Newsfile Corp. - March 26, 2019) - Wildsky Resources Inc. (TSXV: WSK) (the \"Company\") is pleased to announce that the Company has entered into an option agreement (the \"Option Agreement\") with Margaux Resources Ltd. (TSXV: MRL) (\"Margaux\"). Pursuant to the terms of the Option Agreement, Margaux may 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. In order to exercise the option (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 $4,656,000, undertake exploration on Cassiar's property and satisfy certain other conditions as follows:(a) 5,820,000 Payment Shares being issued to Wildsky on receipt of final TSX Venture Exchange (the \"Exchange\") approval for the Option Agreement, as fully paid and non-assessable securities;(b) 11,640,000 Margaux Shares on the date that is the earlier of (a) six (6) months from the date of the Option Agreement, and (b) the receipt of final Exchange approval of the Option Agreement;(c) 17,460,000 Margaux Shares on the date that is the earlier of (a) twelve (12) months from the date of the Option Agreement, and (b) the receipt of final Exchange approval of the Option Agreement;(d) 23,280,000 Margaux Shares on the date that is the earlier of (a) eighteen (18) months from the date of the Option Agreement, and (b) the receipt of final Exchange approval of the Option Agreement. (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 Option 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 Option Agreement, Wildsky will have the right to appoint an additional person (for a total of two (2) board members) to the board of directors of Margaux; (h) Twelve (12) Months after execution of the Option Agreement, Wildsky will have the right to appoint one person to the senior management team of Margaux, on terms an...