The Conversation (0)
Makena Resources Inc. (TSXV:MKN) reported amendments to its option agreement for the Patterson Uranium Project in the Athabasca Basin. The vendor has agreed to a delay in the following: a cash payment of $25,000 and an issuance of 750,000 common shares of Makena to August 31, 2015; a $225,000 in exploration costs to September 30, 2015; a further $400,000 in exploration costs to September 30, 2016; and a further $700,000 in exploration costs to September 30, 2017. Makena will be issuing an additional 750,000 common shares of Makena by April 15, 2015 and an additional 250,000 common shares of Makena by September 30, 2016.
As quoted in the press release:
Makena Resources Inc. (the “Company” or “Makena”) (TSX-V: MKN) wishes to announce that it has amended the Option Agreement on the Patterson Uranium Project in the Athabasca Basin of Saskatchewan, subject to regulatory approval. The Vendor has agreed to the following: (a) to defer a cash payment of $25,000 and an issuance of 750,000 common shares of Makena to August 31, 2015; (b) to defer $225,000 in exploration costs to September 30, 2015; (c) to defer a further $400,000 in exploration costs to September 30, 2016; and (d) to defer a further $700,000 in exploration costs to September 30, 2017. In exchange, Makena will issue an additional 750,000 common shares of Makena by April 15, 2015 and an additional 250,000 common shares of Makena by September 30, 2016.
Negar Adam, President of Makena stated, “Amending this agreement will provide Makena with an appropriate amount of time to properly evaluate the property and pinpoint the highest priority drill targets. We are very optimistic in regards to this property and we anticipate starting the next phase of work shortly. Recently, our Patterson neighbour Fission (FCU-TSX) had significant results trending to the west on their discovery. Makena’s Patterson property directly borders Fission’s property to the northwest.”
Click here to read the Makena Resources Inc. (TSXV:MKN) press release
Click here to see the Makena Resources Inc. (TSXV:MKN) profile.