The Conversation (0)
CuOro Resources Corp. (TSXV:CUA) has entered into an agreement with Pacific Road Resources Fund II and Pacific Road Resources Fund II L.P. (together with Pacific Road Resources Fund II), to amend the timing of the Phase 1 Option under the transaction agreement dated May 28, 2012, previously announced on May 28, 2012.
As quoted in the press release:
Under the Transaction Agreement, Pacific Road was required to acquire a minimum of 2,000,000 common shares of the Company through market purchases within 120 days of the date of shareholder approval of the Transaction Agreement. The Company announced that it obtained shareholder approval of the Transaction Agreement on June 25, 2012. Under the Amending Agreement, Pacific Road is now required to acquire a minimum of 2,000,000 common shares of the Company through market purchases within 15 Business Days from the date the Company completes and delivers to Pacific Road the “New Drilling Report”.
Also, under the Transaction Agreement, the trigger for Pacific Road exercising the Phase 1 Option was the date Pacific Road provides written notice to the Company of Pacific Road having acquired a minimum of 2,000,000 common shares of the Company through market purchases. Under the Amending Agreement, the new trigger for Pacific Road exercising the Phase 1 Option is the date the Company completes and delivers to Pacific Road the New Drilling Report.
CuOro Resources President and CEO Robert Sedgemore said:
We are pleased to continue to have Pacific Road as partner and look forward to working together to determine the best next steps for the development of the Santa Elena exploration program. After careful examination of the current exploration work we have determined that an airborne survey of the entire property would help identify and define new drill targets.
Click here to read the CuOro Resources (TSXV:CUA) press release