SNIPER RESOURCES INC. ("SIP")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: August 25, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for expedited filing documentation pertaining to a Purchase Agreement dated June 30, 2014 between Sniper Resources Inc. (the 'Company'), Sniper Resources (U.S.) Ltd. and Columbus Gold (U.S.) Corporation ('Columbus'), which supersedes an earlier arrangement, and which provides the Company with an option to acquire a 100% interest in the Weepah gold property, in Esmeralda County, Nevada. In consolidation, the Company will issue 7,647,503 shares to acquire an initial 50.01% interest.
On July 1, 2017, to earn the remaining 49.99% interest, the Company will be required to issue additional shares which, when added to Columbus' shareholdings, will result in Columbus holding 19.99% of the Company's issued shares. This share issuance is subject to separate Exchange approval.
Columbus will retain a 1% net smelter return royalty which may be purchased for US$1,500,000. In addition, the Company must satisfy underlying obligations to Cordilleran Exploration Company including a 2% net smelter return royalty and US$10,000 per annum advance royalty payments commencing July 1, 2016.
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