GRAY ROCK RESOURCES LTD ("GRK")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: August 3, 2017
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing a property option agreement (the "Agreement") between Gray Rock Resources Ltd (the "Company") and DeCoors Mining Corp. ("DeCoors") whereby the Company will have the option to acquire an undivided 100% interest in and to the Hot Bath Property (the "Property") located in British Columbia.
In order to acquire the Property, the Company must issue an aggregate of 1,500,000 common shares in the Company over a three year period. The Property will be subject to a 1.5% net smelter returns royalty (the "NSR") on the Property, payable to DeCoors. The Company has the right to reduce this to a 0.5% NSR by paying $1,000,000 cash.
The transaction is arm's length.
CASH SHARES WORK EXPENDITURES
First anniversary of Exchange approval: $0 150,000 $0
Second anniversary of Exchange approval: $0 450,000 $0
Third anniversary of Exchange Approval: $0 900,000 $0
For further information, please see the Company's news release dated June 19, 2017 and August 3, 2017.
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