Margaux Resources Ltd. and Sultan Minerals Inc. Amend Option Agreement Regarding the Purchase of the Jersey Emerald Property and Non-Brokered Private Placement
30.10.2015 | Marketwire
CALGARY, October 30, 2015 - 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 $350,000 due on March 15, 2016 and the Option Payment of $1,250,000 due on November 8, 2015 will become payable on December 31, 2015. All other terms of the Option Agreement remain unchanged.
In addition, Margaux announces that it will be proceeding with a non-brokered private placement financing (the "Offering") for up to 1,250,000 units ("Units") of the Corporation at a price of $0.20 per Unit. Each Unit will consist of one common share ("Common Share") of the Corporation and one half of one (0.5) Common Share purchase warrants. Each full warrant will be exercisable by the holder thereof at a price of $0.30 per Warrant for a period of two years from the date of closing of the Offering.
Margaux expects to use the Proceeds of the Offering towards the Option Payments and for general working capital purposes.
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.
Cautionary Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this news release contains statements concerning the timing of payment of the Option Payments, anticipated closing of the Private Placement and the anticipated use of the proceeds of the Private Placement.
Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Margaux which have been used to develop such statements and information but which may prove to be incorrect.
Although Margaux believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Margaux can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the Private Placement by Margaux might change if the board of directors of the Corporation determines that it would be in the best interests of Margaux to deploy the proceeds for some other purpose.
The forward-looking statements contained in this news release are made as of the date hereof and Margaux undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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Contact
Margaux Resources Ltd.
Tyler Rice, President
(403) 537-5590
