Morgan Resources Corp. Makes Share Payment to Chamberlain and L'OR Bai Optionors
06.03.2015 | Newsfile
Toronto, March 6, 2015 - Morgan Resources Corp. (TSXV: MOR) (the "Company" or "Morgan Resources") announces a share payment to the optionors of the Chamberlain and L'OR Bai properties (the "Properties") located in Bathurst, New Brunswick.Under the terms or the option agreement between the Company and the optionors of Properties, the Company is required to make a stock payment of $40,000 and a cash payment of $80,000 to the optionors. The Company has agreed with the optionors to settle the entire $120,000 payment through the issuance of 1,200,000 common shares of Morgan Resources. The shares issued are subject to a four-month "hold period" under applicable securities legislation and the policies of the TSX Venture Exchange ending June 25, 2015. The shares for debt arrangement is subject to TSX Venture Exchange approval.
About Morgan Resources
Morgan Resources, through its wholly owned subsidiary, Bathurst Resources, is a junior mining exploration company with an option on 191 claims located on 4,202 hectares on volcanic-hosted massive sulphides ("VMS") properties in Gloucester County, Northern New Brunswick, which is situated in the Bathurst Mining Camp. The Bathurst Mining Camp refers to a 70 x 60 km area of northeastern New Brunswick which is one of Canada's most prolific base metal mining districts. The geology of the area has been extensively studied primarily by means of detailed exploration data obtained from many of the 46 known VMS deposits that have been documented within the Bathurst Mining Camp. A technical report filed on SEDAR on November 25, 2013 in accordance National Instrument 43-101 with respect to the properties was prepared by Sears, Barry & Associates Limited and is available on www.sedar.com.
Neither 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 release.
For further information please contact:
Raniero Corsini, Chief Executive Officer
Morgan Resources Corp.
Email: rcorsini@morganresources.ca