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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Midnight Sun Mining Corp | TSXV:MMA | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.39 | 0.39 | 0.40 | 0.40 | 0.39 | 0.39 | 61,500 | 20:42:45 |
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 29, 2013) - Midnight Sun Mining Corp. (the "Company" or "Midnight Sun") (TSX-VENTURE:MMA) announces that it has agreed to final terms relating to the option agreement ("Option Agreement") with Kam Chuen Resource Holdings Ltd. ("Kam Chuen"), which was discussed in a May 9th, 2013 news release (available on the Company's website).
Under the terms of the Option Agreement, Midnight Sun can earn a 60% interest in two mineral exploration permits near Solwezi, Zambia that are currently held by Kam Chuen by issuing an aggregate of 15,333,333 shares to Kam Chuen and incurring $3,666,667 of work expenditures ("Expenditures") related to the properties according to the following schedule:
(i) 1,333,333 shares issued on receipt of TSX Venture Exchange (the "TSXV") approval to the option (the "Approval Date"), a further 4,00,000 shares 18 months after the Approval Date; and a further 10,000,000 shares 36 months after the Approval Date; and | ||
(ii) $1,000,000 of Expenditures within 18 months of the Approval Date, a further $1,333,333 of Expenditures within 36 months of the Approval Date and a further $1,333,334 of Expenditures within 48 months of the Approval Date. |
The Option Agreement remains subject to receipt of all necessary regulatory approvals, including the approval of the TSXV.
ON BEHALF OF THE BOARD
Robert Sibthorpe B.Sc (Geology), M.B.A., President & CEO
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 NEWS RELEASE.
Midnight Sun Mining Corp.Al FabbroDirector604-351-8850
1 Year Midnight Sun Mining Chart |
1 Month Midnight Sun Mining Chart |
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