The Conversation (0)
Source Exploration Corp. (TSXV:SOP) has extended its option agreement for the Pueblo Nuevo and La Luz 1 concessions, at its Las Minas property, for two years. The new agreement extends the term to May 3, 2017, under the following terms: US $12,500 cash consideration and US $12,500 in common shares of Source upon acceptance of the TSX Venture Exchange; US$12,500 cash and US$ 12,500 in common shares of Source on April 22, 2016; and a reduced US$150,000 final option payment extended to May 3, 2017.
As quoted in the press release:
The new agreement extends the term of the option agreement by an additional two years to May 3, 2017.
Scheduled payments as per the terms of the agreement are:
- US $12,500 cash consideration and US $12,500 in common shares of Source as soon as practicable following acceptance of the extension of the option agreement by the TSX Venture Exchange (the “TSX-V”)
- US$12,500 cash consideration and US$ 12,500 in common shares of Source on April 22, 2016
- Final option payment due on May 3, 2015 extended to May 3, 2017 and reduced from US$500,000 to US$150,000.
All payments are subject to VAT (Value Added Tax). All other terms of the original agreement remain unchanged – see press release dated October 13, 2010.
“I am very pleased with this substantial extension to the term of the option agreement.” said Brian Robertson, President and CEO. “The extension provides additional time to more fully explore these highly prospective concessions.”
The option agreement and the transactions contemplated therein are subject to the approval of the TSX-V.
Click here to read the Source Exploration Corp. (TSXV:SOP) press release
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