Midnight Sun Signs Definitive Option Agreement for Exploration Permits in Zambia
30 11월 2013 - 5:21AM
Marketwired Canada
Midnight Sun Mining Corp. (the "Company" or "Midnight Sun") (TSX VENTURE:MMA)
announces that it has agreed to final terms relating to the option agreement
("Option Agreement") with Kam Chuen Resource Holdings Ltd. ("Kam Chuen"), which
was discussed in a May 9th, 2013 news release (available on the Company's
website).
Under the terms of the Option Agreement, Midnight Sun can earn a 60% interest in
two mineral exploration permits near Solwezi, Zambia that are currently held by
Kam Chuen by issuing an aggregate of 15,333,333 shares to Kam Chuen and
incurring $3,666,667 of work expenditures ("Expenditures") related to the
properties according to the following schedule:
(i) 1,333,333 shares issued on receipt of TSX Venture Exchange
(the "TSXV") approval to the option (the "Approval Date"), a
further 4,00,000 shares 18 months after the Approval Date; and a
further 10,000,000 shares 36 months after the Approval Date; and
(ii) $1,000,000 of Expenditures within 18 months of the Approval
Date, a further $1,333,333 of Expenditures within 36 months of the
Approval Date and a further $1,333,334 of Expenditures within 48
months of the Approval Date.
The Option Agreement remains subject to receipt of all necessary regulatory
approvals, including the approval of the TSXV.
ON BEHALF OF THE BOARD
Robert Sibthorpe B.Sc (Geology), M.B.A., President & CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
FOR FURTHER INFORMATION PLEASE CONTACT:
Midnight Sun Mining Corp.
Al Fabbro
Director
604-351-8850
Midnight Sun Mining (TSXV:MMA)
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