Omega Pacific Resources Inc. Issues Shares under Lekcin Property Option Agreement
Omega Pacific Resources Inc. Issues Shares under Lekcin Property Option
Agreement
VANCOUVER, BC / April 28, 2023 / Omega Pacific Resources Inc. (CSE: OMGA)
("Omega" or the "Company"), issued 100,000 common shares pursuant to the Binding
Letter Agreement dated August 10, 2022 (the “Agreement”) between John A. Chapman,
Christopher R. Paul, Michael A. Blady and KGE Management Ltd., (collectively “the
Optionor"), and the Company for the option to purchase the Lekcin Property (the
“Property”), located in the Lillooet Mining Division, British Columbia.
Under the Agreement, the Company has the right to earn a 100% interest in the 2,436.93
hectares Property including five BCMTO claim tenures, as desc ribed more fully in the
Agreement. The Company will earn a 100% interest in the Property, subject to a 2% NSR
Royalty, by incurring $1,035,000 in exploration expenditures, making payments of
$200,000 to the Optionor and issuing 1,000,000 common shares to the Optionor in
installments on or before the fourth anniversary of the Agreement.
The first 100,000 common shares under the Agreement are to be issued within 10 days
of listing on a stock exchange in Canada . On April 21, 2023 common shares of the
Company began trading on the Canadian Stock Exchange.
The remaining common shares under the Agreement are scheduled to be issued as
follows: 100,000 on the first anniversary from the date of the Agreement; 200,000 on the
second anniversary from the date of the Agreement ; 200,000 on the t hird anniversary
from the date of the Agreement ; 400,000 on the fourth anniversary from the date of the
Agreement. In addition, the Optionor will receive an additional 500,000 common shares
on the confirmation of a resource on the Property and an additional 500,000 common
shares upon a decision by the Company to produce minerals from the Property.
The securities issued pursuant to the Agreement will be subject to a hold period under
applicable securities laws, which will expire four months plus one day from the date of the
issuance.
The full text of the Agreement is available under the profile of the Company on
www.sedar.com.
About Omega Pacific Resources Inc.
Omega Pacific Resources Inc. is a British Columbia-based mineral exploration company
that is primarily engaged in the acquisition, development and exploration of mineral
resources. Currently, the Company is focused on its principal property, the Lekcin
Property, which is in the exploration stage. The Property consists of 5 mining cell claims
totaling approximately 2,436.93 hectares located 10 km northwest of the town of Hope
and 120 km east of the city of Vancouver. The company may also evaluate the acquisition
of other mineral exploration assets and opportunities. Omega is publicly listed on the
Canadian Stock Exchange (CSE) under trading symbol "OMGA".
On Behalf of the Board of Directors
Omega Pacific Resources Inc.
Sheri Lynn Rempel
Director and Chief Financial Officer
Tel: (778) 790-0886
Email: [email protected]
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the CSE) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward -looking statements" under applicable
Canadian securities legislation. Forward -looking statements consist of statements that
are not purely historical, including any stat ements regarding beliefs, plans, expectations
or intentions regarding the future. Forward -looking statements in this news release
include statements with respect to receipt of final approval from the Canadian Securities
Exchange and the expected timing of commencement of trading. Forward -looking
statements are subject to various known and unknown risks and uncertainties that may
cause actual results, performance or developments to differ materially from those
contained in the statements, including risks rel ated to factors beyond the control of the
Company, including, but not limited to: changes in general economic conditions or
conditions in the financial and capital markets; uncertainties related to the availability and
costs of financing needed in the future; business and economic conditions in the mineral
exploration industry generally; the supply and demand for labour and other project inputs;
changes in commodity prices; changes in interest and currency exchange rates; risks
related to inaccurate geologi cal and engineering assumptions; risks relating to
unanticipated operational difficulties (including failure of equipment or processes to
operate in accordance with the specifications or expectations, unavailability of materials
and equipment, government a ction or delays in the receipt of government approvals,
industrial disturbances or other job action and unanticipated events related to health,
safety and environmental matters); risks related to adverse weather conditions and
geopolitical risk and social unrest. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue reliance on
forward-looking statements. The Company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.