Wildsky Resources Inc. Announces Purchase and Sale Agreement to Acquire Niobium-tantalum and Gold Exploration Licenses in Nigeria
Vancouver, December 5, 2019 - Wildsky Resources Inc. (TSXV: WSK) (the "Company") is pleased to announce that, further to a news release dated October 11, 2019, the Company has entered into a purchase and sale agreement (the "Agreement") with 1187395 BC Limited (the "Vendor") concerning the acquisition of Zijin Midas Nigeria Limited ("ZMNL").
The Vendor, a British Columbia corporation wholly-owned by Mr. Chaoyi Wang, legally and beneficially owns 9,900,000 common shares (the "Shares") of the 10,000,000 issued and outstanding common shares in the capital of ZMNL. ZMNL is a private company incorporated in Nigeria. Pursuant to the terms of the Agreement, the Company will purchase the Shares from the Vendor for cash consideration of US$96,000. Both the Vendor and ZMNL are arms-length to the Company. Closing of the transaction remains subject to approval by the TSX Venture Exchange.
ZMNL holds ten Exploration Licenses (the "Exploration Licenses") in Nigeria, three of the Exploration Licenses pertain to niobium-Tantalum ("Nb-Ta") exploration (each being a "Nb-Ta Exploration License"), and the remaining seven Exploration Licenses are for gold and lead-zinc exploration (each being a "Au-Pb Exploration License"). The ten Exploration Licenses cover a total area of 742 km².
The Exploration Licenses are subject to a call option (the "Slight Edge Option") in favour of Slight Edge HK Limited ("Slight Edge"). Slight Edge's Nigerian subsidiary assisted ZMNL through the application process which lead to the issuance of the Exploration Licenses. According to a call-option deed entered into between ZMNL and Slight Edge, Slight Edge has an option permitting it to obtain up to a 30% interest in the seven Au-Pb Exploration Licenses and a 20% interest in the three Nb-Ta Exploration Licenses. Slight Edge may exercise its Slight Edge Option by reimbursing ZMNL for its respective percentage of costs and expenses incurred by ZMNL with respect to the Exploration Licenses before February 8, 2021.
ZMNL is currently undertaking an exploration program in the area covered by its three Nb-Ta Exploration Licenses (these Nb-Ta Exploration Licenses are located adjacent to a productive open pit niobium-tantalum mine in NASARAWA state, 80km linear distance to Abuja, the capital of Nigeria). Wildsky is very excited about the opportunity of exploring in the area.
About Wildsky Resources Inc.
Wildsky Resources Inc. is a Canadian based exploration and development company with office located in Vancouver, B.C. The Company's goal is to create value for shareholders through continuously exploring and developing its current properties in BC and at the same time looking for new properties to acquire through its international connections.
For more information on Wildsky Resources, please contact the Company at (778) 889-4966, or visit the Company's website at www.wildskyresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"signed by Wenhong Jin"
Wenhong Jin
President and CEO
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 of accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Wildsky Resources' periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "appear", "should," and similar expressions, are forward-looking statements.
Although Wildsky Resources has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and Wildsky Resources disclaims any intention or obligation to update or revise such information, except as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50493