Group Ten Metals Inc. Amends Ontario Property Agreements
06.03.2015 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired - March 5, 2015) - Group Ten Metals Inc. (TSX VENTURE:PGE) (the "Company" or "Group Ten") announces that it has amended two property agreements for its Black Lake gold properties in northwest Ontario.The Company has amended a property agreement as announced on November 14, 2013 such that the initial cash payment of $8,000, now overdue, shall be met by the issuance of 400,000 shares. In addition the amendment clarifies the dates on which all future payments are due.
As previously announced on June 23, 2014, Fortune Tiger Resources Ltd. ("Fortune Tiger") has agreed to assign the Black Lake property agreement to the Company and such agreement has now been further amended. Group Ten may now earn up to a 100% interest in the property from underlying optionor, Rubicon Minerals Corporation ("Rubicon"). In consideration of the assignment, the Company must issue 2,000,000 shares to Fortune Tiger in staged issuances to maintain their holdings at less than 10% of the issued and outstanding shares of the Company. The Company must also pay $2,000 and issue 400,000 common shares to Rubicon in consideration for Rubicon agreeing to defer several cash payments due under the agreement.
The amended agreements and related issuance of common shares are subject to acceptance by the TSX Venture Exchange.
On behalf of the Board of Directors,
Michael Rowley
President, Director, Group Ten Metals Inc.
For further information, please visit the Company's website at http://grouptenmetals.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.
Contact
Group Ten Metals Inc.
Michael Rowley
604.641.2742
mrowley@grouptenmetals.com
http://grouptenmetals.com