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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Waymar Resources Ltd | TSXV:WYM | 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 | - |
Waymar Resources Ltd. (TSX VENTURE:WYM) ("Waymar" or the "Corporation") is pleased to announce that it has entered into a letter of intent with a group of persons that are arms length to Waymar (the "Vendors") pursuant to which Waymar will be granted the option to acquire up to a 100% legal and beneficial interest in the Anza project comprised of mineral rights located on the easter-most margin of Colombia's Western Cordillera, 50km west of Medellin. In order to exercise its option, Waymar is required to make payments to the Vendors aggregating US$3.8 million over a three year period (of which US$50,000 is payable on the date of execution of the letter of intent and US$250,000 is payable on execution of a definitive agreement), issue 3,800,000 common shares to the Vendors over a three year period (of which 300,000 common shares are to be issued on execution of a definitive agreement) and make expenditures on the property aggregating US$4 million over a three year period (of which US$500,000 must be expended in the first year). The Vendors will retain a 2% net smelter return royalty on the property, 50% of which may be purchased by Waymar for US$1,000,000. The agreement is subject to Waymar and the Vendors executing a definitive option agreement on or prior to May 20, 2010 and receipt of any required regulatory approvals, including, without limitation, the approval of the TSX Venture Exchange.
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