Benton Resources and Regency Gold have signed a definitive agreement for the Escape Lake property near Thunder Bay, Ontario.
Benton Resources (TSXV: BEX) and Regency Gold (NEX:RAU.H) have signed a definitive agreement providing Regency an option to acquire all rights and titles for the Escape Lake property near Thunder Bay, Ontario.
As quoted from the press release:
Upon closing, Regency will have the right to exercise the Option by completing the following:
- Issuing to Benton an aggregate of 24,615,384 common shares on the following basis: a) on closing that number of Regency Consideration Shares that represents no more than 19.9 percent of the number of Regency commons shares then outstanding; and b) the remainder of the Regency Consideration Shares at such time as they can be issued without Benton holding more than 19.9 percent of the issued capital of Regency;
- Fulfilling the remaining terms of the RTEC Agreement that Benton has with RTEC on the Escape Lake Property;
- Entering into and fulfilling the terms of a formal binding purchase and sale agreement with PAN for the acquisition of the PAN Subsidiary including the payment to PAN of a deposit of $250,000 as a down payment to PAN; and
- Issuing to Benton a 0.5 percent net smelter return royalty from production on the Escape Lake property and a 0.5 percent net smelter return royalty from production on any mineral claims comprising the TBN Project that a net smelter royalty has not previously been granted.