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PJX Resources Inc. (TSXV:PJX) acquired 100% interest in the Dewdney Trail, Zinger, Eddy and Vine Properties in Cranbrook, British Columbia. These properties were initially under option to PJX by SG Spirit Gold Inc.
As quoted in the press release:
PJX has acquired full ownership of the Properties, with no NSR or other retained interest by SG, and PJX will not have to complete approximately $750,000 in remaining work commitments. To complete the acquisition, PJX made the remaining aggregate cash payment of $125,000 that would have had to be made under the Option Agreement, and issued 500,000 PJX shares (the “Shares”) to SG that were not in the Option Agreement. SG has agreed to not sell the Shares for a period of 2 years from the closing date of the agreement and vote with PJX Management and Board during this period. If, at any time after 2 years, SG wishes to assign, sell or transfer the Shares, SG must notify PJX and PJX will have the opportunity to arrange for the sale of the Shares on terms not less favourable to SG than the terms contained in the notice provided by SG.
Click here to read the PJX Resources Inc. (TSXV:PJX) press release
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