Margaux Resources Ltd. Announces Final Approval of Cassiar Option Agreement and issuance of Promissory Note
NOT FOR DISSEMINATION IN THE UNITED STATES
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NEWS RELEASE
Margaux Resources Ltd. Announces Final Approval of Cassiar Option Agreement
and issuance of Promissory Note
CALGARY, ALBERTA -- (November 13, 2019)
Calgary, Alberta - (Newsfile Corp. – November 13, 2019) - Margaux Resources Ltd. (TSX
VENTURE:MRL, OTCQB:MARFF) ("Margaux" or the "Company") is pleased to announce that it has
received final approval from the TSX Venture Exchange ("TSXV") for its previously announced
option agreement (the "Option Agreement") with Wildsky Resources Inc. ("Wildsky"). The Option
Agreement provides Margaux with the option to acquire a 100% interest in the Cassiar Gold
Project (the "Property") in northern British Columbia.
In addition, the TSXV has accepted Margaux's filing of an ame nded NI 43-101 maiden mineral
resource estimate for the Taurus Deposit on the Property (the "Report") . The report was
amended to address certain comments of the TSXV in connection with granting their final
approval for the Option Agreement. The Report was prepared for Margaux by Scott Zelligan
P.Geo, who is a "Qualified Person" as defined in NI 43-101 – Standards of Disclosure for Mineral
Projects . The Company filed the amended Report on its SEDAR profile on November 13, 2019.
Option Agreement Share Issuance
Pursuant to the Option Agreement and the TSXV approval, Margaux has issued an aggregate of
17,460,000 common shares in the capital of the Company ( the "Option Shares") to Wildsky,
satisfying the first and second tranches issuable under the Option Agreement. The Option Shares
are subject to a four month and one day hold period in accordance with applicable securities
laws, and a subsequent contractual 8 month hold period pursuant to the terms of the Option
Agreement, for an aggregate one year hold period.
In order to complete the exercise of the option, Margaux must: (i) issue 17,460,000 common
shares in the capital of the Company on the date that is 12 months from the date of the Option
Agreement; (ii) issue 23,280,000 common shares in the capital of the Company on the date that
is 18 months from the date of the Option Agreement; and (iii) undertake certain exploration
expenditures on the Property and satisfy certain other conditions. For further information, see
the Company's press release dated June 24, 2019.
Promissory Note
The Company issued a $90,000 Promissory Note (“Note”) to an arm’s length third party. Pursuant
to the Note, the Company promises to pay the $90,000 on demand and pay interest on the
principal sum at a rate of six percent (6%) per annum.
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About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration
company focused on gold exploration in British Columbia, and is directed by a group of highly
successful Canadian business executives.
Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux's
future plans and the expectations of management that a stated result or condition will occur. Any
statement addressing future events or conditions necessarily involves inherent risk and
uncertainty. Actual results can differ materially from those anticipated by management at the
time of writing due to many factors, the majority of which are beyond the control of Margaux and
its management. In particular, this news release contains forward-looking statements pertaining,
directly or indirectly, to the following: Margaux's exploration plans and work commitments, the
timing of issuance of securities, and economic factors, business and operations strategies. There
can be no assurance that the Company will complete the option payments to acquire the Property
on the time frame required by the Option Agreement or at all. Readers are cautioned that the
foregoing list of factors should not be construed as exhaustive. These statements speak only as of
the date of this release or as of the date specified in the documents accompanying this release,
as the case may be. The Company undertakes no obligation to publicly update or revise any
forward-looking statements except as expressly required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
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CONTACT INFORMATION
Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590