Sable Resources' Agreement for Margarita Project Accepted by TSX For Filing
Sable Resources' Agreement for Margarita
Project Accepted by TSX For Filing
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 30
th
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.
View original content:
http://www.newswire.ca/en/releases/archive/May2019/10/c9042.html
%SEDAR: 00008665E
For further information:
Tom Obradovich, President & CEO, [email protected], Tel (416)
985-7140, or visit sableresources.com
CO: Sable Resources Ltd.
CNW 08:00e 10-MAY-19