TORONTO, May 10, 2019 /CNW/ - Sable Resources (TSX.V: SAE)
(the "Company" or "Sable") is pleased to announce that the TSX
Venture Exchange has accepted for filing documentation pertaining
an agreement dated May
30th 2017, between Sable Resources Ltd. and Minas
Guilloyna/Cia Minera la Perla, whereby the company can earn 100%
right, title and interest in the Margarita Project located in
Chihuahua State, Mexico.
Under the terms of the agreement, the company may satisfy the
$3,550,000 Canadian currency purchase
price through the issuance of shares or cash or a combination of
both over a three year period.
The payment schedule for 100% of the Margarita Project is as
follows
*Make a payment of CAD $50,000 to
the Vendors upon execution of agreement (paid)
*Upon Exchange approval, issue Vendor 200,000 shares or cash
equivalent (paid in cash $30,000)
*Issue CAD $500,000 worth of
shares or cash on the first anniversary from the date of execution
of the agreement less the value of the 200,000 share or cash
equivalent (paid $470,000
May 30,2018)
*Issue CAD $500,000 worth of
shares or cash equivalent on or before May
30, 2019
*Issue CAD $500,000 worth of
shares or cash equivalent on or before November 30, 2019
*Issue CAD $2,000,000 worth of
cash or shares on or before May 30,
2020
To date, $550,000 in payments have
been made in cash. If the balance was paid in shares it would
result in the issuance of 20,000,000 shares based on a deemed value
of $0.15 Canadian per share. If all
of the payments were to be made in shares, the total share issuance
would be 23,333,333 shares. The number of shares to be issued
pursuant to the agreement will not exceed 35,000,000 without
approval of the Exchange.
For further details please refer to the company's news release
dated June 2, 2017.
ABOUT SABLE RESOURCES LTD.
Sable is a well-funded junior grassroots explorer focused on the
discovery of new precious metal projects through systematic
exploration in endowed terranes located in favorable, established
mining jurisdictions. Sables' main focus is developing their large
portfolio of new greenfields projects to resource stage utilizing
their Upper Level Epithermal Strategy. Sable is actively exploring
the San Juan Regional Program (35,000ha) incorporating the Don
Julio Project in San Juan Province, Argentina, the Mexico
Regional Program (1.5Mha), incorporating the Margarita, Vinata and
El Escarpe drill ready projects and the BC Intrusion Related
Program, Canada (13,600ha) incorporating the drill ready
Tulox Project.
We seek safe harbor
SOURCE Sable Resources Ltd.