CACHE EXPLORATIONS INC. ("CAY")
BULLETIN TYPE: Property-Asset or Share Acquisition Agreement
BULLETIN DATE: April 6, 2016
TSX Venture Tier 2 Company
TSX Venture Exchange (the 'Exchange') has accepted for filing a letter of intent dated March 15, 2016 (the 'Agreement'), between Cache Explorations Inc. ('Cache') and Matica Enterprises Inc. ('Matica'). Pursuant to the Agreement, Matica has granted Cache and option to acquire up to an 80% interest in the McGee Lithium Project located in Nevada.
Under the terms of the Agreement, Cache can earn an initial 60% interest in the McGee Lithium Project by:
* Incurring cumulative exploration expenditures of US$350,000 on the McGee Lithium Project within three years of the date of this Exchange bulletin ("Exchange Approval");
* Paying an initial payment of $15,000 in cash or shares within 30 days of Exchange Approval;
* Paying $75,000 in cash or shares on the first anniversary after Exchange Approval;
* Paying $75,000 in cash or shares on the second anniversary of Exchange Approval;
After completing the initial 60% earn-in, Cache will be entitled to earn an additional 10% interest in the McGee Lithium Project (for a total 70% interest) by making a payment of $150,000 in cash or shares within one year of earning the initial 60% interest.
Cache will then have the right to earn an additional 10% interest in the McGee Lithium Project (for a total 80% interest) by making a further payment of $150,000 in cash or shares within one year of earning the 70% interest.
Cache are appointed the managers of the project and as such are entitled to charge a 10% management fee on the exploration expenditures that are made on the project. The existing rights to purchase any of the underlying property royalty from the original property vendors will be owned proportionately to the property interests as held between Cache and Matica.
Insider / Pro Group Participation: Charn Deol is a director of Cache and Matica.
For further information please refer to Cache's news release dated March 18, 2016 which is available under Cache's profile on SEDAR.
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