DISCOVERY HARBOUR RESOURCES CORP. ("DHR")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: December 2, 2013
TSX Venture Tier 2 Company
The TSX Venture Exchange Inc. (the "Exchange") has accepted for filing a re-option agreement (the "Re-Option Agreement") between Discovery Harbour Resources Corp. ("Discovery") and Great Lakes Resources LLC ("Great Lakes"). Under the Re-Option Agreement, Great Lakes has granted to Discovery the option (the "Re-Option") to acquire a 24% interest (the "Interest") in the Wabassi Joint Venture which has been granted to Great Lakes by Northern Shield Resources Inc. ("Northern Shield") under an option agreement (the "Option Agreement") between Great Lakes and Northern Shield dated November 11, 2013. The Re-Option to acquire the Interest is exercisable until February 28, 2014 by Discovery paying to Great Lakes the aggregate amount Great Lakes has paid Northern Shield under the Option Agreement up to the date on which the Re-Option is exercised.
Under the Option Agreement, Northern Shield granted Great Lakes an option (the "Option") to acquire the Interest by paying $400,000 to Northern Shield on signing of the Option Agreement, incurring $1.5 million in exploration expenditures by December 31, 2014, and paying a further $600,000 to Northern Shield on exercise of the Option. Upon Great Lakes exercising the Option, the Wabassi Joint Venture will be jointly held by Discovery (51%), Northern Shield (25%) and Great Lakes (24%). If the Re-Option is exercised, the Wabassi Joint Venture will be jointly held by Discovery (75%) and Northern Shield (25%).
Insider / Pro Group Participation: Great Lakes is a private company controlled by Richard Gilliam, a director and significant shareholder of Discovery.
For further information please see the news release dated November 14, 2013 which is available under Discovery's profile on SEDAR.
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