Kivalliq Energy Corporation (TSXV:KIV) has acquired 1,969,828 common shares, or 10% of issued and outstanding capital, of Roughrider Exploration Limited on July 16, 2014 through a mining option agreement.
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 Roughriderâ€™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.
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