Waymar Announces 2nd Milestone Option Payments

Waymar Resources Ltd. (TSXV:WYM) reports it has issued 500,000 common shares to optionors to continue work on its Anza property in Colombia.

The press release is quoted as saying,

In order to exercise its option, the Company is required to make cash payments to the optionors aggregating US$3.8 million over a three year period (of which US$800,000 has now been paid), issue 3,800,000 common shares to the optionors over a three year period (of which 800,000 common shares have now been issued) and make expenditures on the property aggregating US$4 million over a three year period. As part of the agreement US$500,000 which is to be expended on exploration in the first year has been satisfied. The optionors will retain a 2% net smelter return royalty on the property, 50% of which may be purchased by the Company for US$1,000,000.

For the complete press release, click here.