iMetal Resources Inc. Options the Mosher Lake Property – Contiguous to its Gowganda West Property, Gowganda, Ontario
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October 11, 2017
iMetal Resources Inc. Options the Mosher Lake Property – Contiguous to its Gowganda West
Property, Gowganda, Ontario
iMetal Resources Inc. (IMR – TSXV) (“IMR” or the “Company”) is pleased to announce it has entered into
an option a greement whereby it can acquire a 100% interest in the Mosher Lake property (the “Option
Agreement”), contiguous to its Gowganda West property, located 17 kilometers west of Gowganda ,
Ontario.
Resident Geologist’s Files, Ontario Ministry of Natural Resources / Kirkland Lake, and Geoscience Report
#152, 1977, reveal that silver was discovered at Mosher Lake, Tyrell Township, in 1908 by Dan Mosher.
The last time the property was explored was in the mid -1960s. As well as having the potential for the
discovery of additional silver mineralization, the Mosher Lake claims are contiguous to the company’s main
Gowganda West property. They extend iMetal ’s substantial land holdings in the district to the northeast.
iMetal considers the Mosher Lake land package as strategic to complete the recently increased Gowganda
West property in size and scope.
The Option Agreement to acquire the Mosher Lake property from William (Sonny) Wilcox, David Hiltz, and
Tom O’Connor, who privately own the properties (collectively, the “Sellers”) is as follows:
1. Sellers will receive $20,000 within five (5) business days of the approval of the transaction by
the TSX Venture Exchange (“TSXV”) (the “Approval”) and signing of a Definitive Agreement.
2. Sellers will receive $15,000 every year for two (2) years for a final total of $50,000 starting
one (1) year after the initial $20,000 payment and signing of the Definitive Agreement.
3. Acquisition by iMetal of Seller’s properties. iMetal will issue an aggregate of 3,000,000
common shares in the capital of iMetal in stages over a two (2) year period to Sellers at the
times set out below.
4. iMetal will issue 1,000,000 common shares to Sellers within five (5) business days of the
Approval and signing of the Definitive Agreement.
5. iMetal will issue 1,000,000 common shares per year every year for two (2) years for a
cumulative total of 3,000,000 common shares starting one (1) year after the closing of the
Definitive Agreement to Sellers. If there is an offer to acquire all of the shares of iMetal, or a
"change of control" of iMetal, as that term is defined in the Definitive Agreement, the issuance
of all remaining common shares by iMetal to Sellers will be accelerated for purposes of
distribution to the Sellers.
6. Sellers will have the first right of refusal to participate in up to 10% of all future financings in
iMetal.
7. If any payments to Sellers are missed by iMetal, subsequent to a grace period of 30 days
past the due payment date , then Sellers’ properties in Ontario and all exploration data
conducted on them will revert to Sellers.
8. A 2 % NSR is reserved by Sellers on the properties. iMetal has the Option to acquire half of the
NSR, i.e. 1% of 2% for $1,000,000 dollars anytime up to five (5) years from the date of closing
of the Definitive Agreement.
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9. Common shares will have a four month hold period and will be issued within five (5)
business days following the receipt of the TSXV Approval.
10. Upon the completion of the share issuance and cash payments described above, the
Option shall be considered to be exercised and the Buyer will own a 100% right, title and
interest in and to the Property.
New Subject: The Company has granted 2,700,000 Incentive Stock Options at an exercise price of $0.07
for a five-year period to directors, officers, and consultants.
This Press Release was prepared by iMetal Resources Inc. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) has
reviewed or accepts responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD OF DIRECTORS,
Brian Fagan
President & CEO, iMetal Resources Inc.
Tel. (360) 224-7141
510-580 Hornby St., Vancouver, BC, V6C 3B6 / https://imetalresources.ca / Tel: 360-224-7141