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PJX Resources Inc. (TSXV:PJX) announced the completion of a purchase and sale agreement with Klondike Gold Corp. (TSXV:KG) under which it will acquire a 100-percent interest in the Vine Extension property.
PJX Resources Inc. (TSXV:PJX) announced the completion of a purchase and sale agreement with Klondike Gold Corp. (TSXV:KG) under which it will acquire a 100-percent interest in the Vine Extension property. Vine, which is located in British Columbia, was originally under option to PJX.
As quoted in the press release:
The Vine Extension Property was initially optioned to PJX from KG, under an Option Agreement dated April 26, 2012, which allowed PJX to earn up to a 50% interest in the Property by spending $1.5 million on exploration work and making share payments of 200,000 common shares over a 5 year period. Under the Purchase Agreement, which replaces the Option Agreement, PJX will not have to complete the remaining $1.4 million on exploration work or pay the 200,000 shares (none paid to date). PJX has purchased full ownership of the Property by issuing 700,000 common shares (‘Shares’) to KG. In addition to receiving the Shares, KG retains a royalty equal to 1 percent of net smelter returns from minerals produced from claims comprising the Vine Extension Property.
Click here to read the full PJX Resources Inc. (TSXV:PJX) press release.