Kivalliq Energy Corp. (TSXV:KIV) announced that it has acquired 1,969,828 common shares of Roughrider Exploration Ltd. via a mining option agreement. That amounts to 10 percent of Roughrider’s issued and outstanding capital.
As quoted in the press release:
Pursuant to the Mining Option Agreement dated July 10, 2014 between Kivalliq and Roughrider, in order to earn the initial 50% interest, Roughrider must issue to Kivalliq an additional 1,969,828 common shares, being an additional 10% of Roughrider’s issued shares, on a non-diluted basis, plus cash payments, on or before August 31, 2016. The shares issued to Kivalliq are subject to a 12-month hold period.