Margaux Resources Ltd. and Sultan Minerals Amend Option Agreement Regarding the Purchase of the Jersey Emerald Property
10.11.2014 | Marketwire
CALGARY, November 10, 2014 - Margaux Resources Ltd. (TSX VENTURE:MRL) ("Margaux" or the "Corporation") is pleased to announce that it has entered into an agreement (the "Amending Agreement") with Sultan Minerals Inc. (TSX VENTURE:SUL) ("Sultan") to amend the Option Agreement dated November 8, 2013 between Sultan and Margaux granting Margaux an option to purchase 100% of the Jersey Emerald Property for payments totaling $4 million according to terms set therein.Pursuant to the Amending Agreement, the option payment ("Option Payment") of $750,000 due November 8, 2014 has been divided into two payments, of which the first payment of $400,000 due on November 8, 2014 has been received and a second payment of $350,000 will be due on March 15, 2016. All other terms of the Option Agreement remain unchanged.
In addition, Margaux wishes to announce that it has entered into a loan agreement with Mr. Tyler Rice, the Corporation's President and Chief Executive Officer whereby the Corporation has borrowed $150,000 from Mr. Rice. The loan is repayable on April 30, 2015 and bears interest at 6.0% per annum. The Corporation will use the proceeds of the loan towards the required Option Payments.
About Margaux Resources Ltd.:
Margaux is based in Calgary, Alberta and a publicly traded resource company with oil and gas exploration and production and an option on the Jersey Emerald Tungsten-Zinc Property.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contact
Tyler Rice, President
(403) 537-5590
