Noram Ventures Inc. Announces Option Amendment and Settlement of Debt
23.03.2016 | FSCwire
Vancouver - Noram Ventures Inc. (the "Company") (TSX-V: NRM) announces that it has entered into a third amendment (“Addendum III”) to the property option agreement (the “Agreement”) entered into on August 29, 2012 with Grant Doyle and Bruce Doyle (the “Optionors”) for the exclusive right and option (the “Option”) to acquire an undivided 100% right, title and interest in and to certain mining claims located near Nakusp, British Columbia (the “Claims”). The Claims are also subject to a 3% Net Smelter Return Royalty (the “NSR Royalty”) payable to the Optionors. The terms of the NSR Royalty also provide that commencing 36 months after the effective date, a minimum annual payment of $20,000 is payable to the Optionors.The Company entered into Addendum III, effective February 28, 2016, to amend the Agreement and the two previous amendments of May 13, 2014 and February 26, 2015. Pursuant to Addendum III, the final cash Option payment of $75,000 payable on or before February 28, 2016 and the $20,000 annual NSR Royalty payment due August 29, 2015 have been amended to the following:
1. $10,000 per month split 50:50 between the Optionors commencing on March 15, 2016 and paid monthly until the $75,000 is paid in full;
2. subject to regulatory acceptance, the issuance of 400,000 shares of the Company at a deemed price of $0.05 per share (the “Shares”) split 50:50 between the Optionors in settlement of the $20,000 annual NSR Royalty payment outstanding, with the Shares being restricted from trading for a period of one year from their date of issue; and
3. forgiveness of the second annual NSR Royalty payment of $20,000 due August 29, 2016, with the next annual NSR Royalty payment now due August 29, 2017.
About Noram Ventures Inc.:
Noram Ventures Inc. (TSX-V: NRM) is a Canadian based company with a project generator business model. Although the Company’s primary business focus since formation has been the exploration of mineral properties itis now seeking new business opportunities that offer the potential for near term cash flow to create shareholder value. For further information, please visit www.noramventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Mark R. Ireton”
President & Director
Direct: (604) 761-9994
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.