2015-03-26 15:06 PT - Property Agreement
The TSX Venture Exchange has accepted for expedited filing documentation of a purchase and sale agreements dated March 17, 2015, between VMS Ventures Inc., NGEx Resources Inc. and Harvest Gold Corp., whereby the company may acquire in total a 100-per-cent interest in the Assean Lake gold claims in Manitoba.
The agreements with NGEx (as to a 60-per-cent interest in the property) and Harvest (as to a 40-per-cent interest in the property) provide for consideration as follows:
- Upon acceptance of the transaction by the exchange, the company must pay NGEx $15,000 and issue 600,000 shares, and it also must pay Harvest $140,000.
- Upon the earlier to occur of the completion of a preliminary economic assessment, a prefeasibility study or a feasibility study on the property, the company must issue a further 600,000 shares to NGEx and 100,000 shares to Harvest.
- Upon the commencement of commercial production from the property, the company must issue a further 600,000 shares to NGEx and a further 100,000 shares to Harvest.
For further information please refer to the company's news release dated Feb. 16, 2015.