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Wildsky Resources Inc. Announces Purchase and Sale Agreement to Acquire Niobium-tantalum and Gold Exploration Licenses in Nigeria
Vancouver, British Columbia--(Newsfile Corp. - December 5, 2019) - Wildsky Resources Inc. (TS...
About this update from Wildsky Resources Inc.
[{"type":"text","content":"Wildsky Resources Inc. Announces Purchase and Sale Agreement to Acquire Niobium-tantalum and Gold Exploration Licenses in NigeriaVancouver, British Columbia--(Newsfile Corp. - December 5, 2019) - Wildsky Resources Inc. (TSXV: WSK) (the \"Company\") is pleased to announce that, further to a news release dated October 11, 2019, the Company has entered into a purchase and sale agreement (the \"Agreement\") with 1187395 BC Limited (the \"Vendor\") concerning the acquisition of Zijin Midas Nigeria Limited (\"ZMNL\"). The Vendor, a British Columbia corporation wholly-owned by Mr. Chaoyi Wang, legally and beneficially owns 9,900,000 common shares (the \"Shares\") of the 10,000,000 issued and outstanding common shares in the capital of ZMNL. ZMNL is a private company incorporated in Nigeria. Pursuant to the terms of the Agreement, the Company will purchase the Shares from the Vendor for cash consideration of US$96,000. Both the Vendor and ZMNL are arms-length to the Company. Closing of the transaction remains subject to approval by the TSX Venture Exchange. ZMNL holds ten Exploration Licenses (the \"Exploration Licenses\") in Nigeria, three of the Exploration Licenses pertain to niobium-Tantalum (\"Nb-Ta\") exploration (each being a \"Nb-Ta Exploration License\"), and the remaining seven Exploration Licenses are for gold and lead-zinc exploration (each being a \"Au-Pb Exploration License\"). The ten Exploration Licenses cover a total area of 742 km². The Exploration Licenses are subject to a call option (the \"Slight Edge Option\") in favour of Slight Edge HK Limited (\"Slight Edge\"). Slight Edge's Nigerian subsidiary assisted ZMNL through the application process which lead to the issuance of the Exploration Licenses. According to a call-option deed entered into between ZMNL and Slight Edge, Slight Edge has an option permitting it to obtain up to a 30% interest in the seven Au-Pb Exploration Licenses and a 20% interest in the three Nb-Ta Exploration Licenses. Slight Edge may exercise its Slight Edge Option by reimbursing ZMNL for its respective percentage of costs and expenses incurred by ZMNL with respect to the Exploration Licenses before February 8, 2021. ZMNL is currently undertaking an exploration program in the area covered by its three Nb-Ta Exploration Licenses (these Nb-Ta Exploration Licenses are located adjacent to a pr...