UNITY ENERGY CORP. ("UTY")
BULLETIN TYPE: Property-Asset or Share Purchase Amending Agreement
BULLETIN DATE: August 27, 2015
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for expedited filing documentation of an amended Option Agreement dated August 19, 2015 between Unity Energy Corp. (the "Company") and GWN Investments Ltd. (the "Vendor") which amends the original Option Agreement dated February 22, 2010 concerning the Thorburn Lake Property (the "Property") located in the north eastern Athabascan Basin, Saskatchewan. On August 17, 2015, the Vendor entered into an Assignment Agreement transferring 100% ownership of the Property to Garmin Metal & Mining Corp. ("Garmin". Insider: J. Agotilla)
Under the terms of the amended agreement, outstanding cash commitments have been restructured as follows: the Company must make a cash payment to Garmin of $50,000 on or before December 22, 2016, and pay the remaining $590,000 over four years. In addition, the work commitment on the Property has been reduced from $2,500,000 to $1,000,000 and is required to be completed on or before December 22, 2019. As consideration for these amendments, the Company has agreed to issue 1,100,000 common shares to Garmin.
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