Wildsky Resources Inc. Announces Letter of Intent to Acquire Niobium-Titanium and Gold Exploration Licenses in Nigeria
Wildsky Resources Inc. Announces Letter of Intent to
Acquire Niobium-Titanium and Gold Exploration
Licenses in Nigeria
Vancouver, British Columbia--(Newsfile Corp. - October 11, 2019) - Wildsky Resources Inc.
(TSXV: WSK)
(the "Company")
is
pleased to announce that the Company has entered into a letter of intent (the "
LOI
") with 1187395 BC Limited. (the "
Vendor
").
The Vendor, a British Columbia corporation wholly-owned by Mr. Chaoyi Wang, legally and beneficially owns 9,900,000
common shares (the "
Shares
") of the 10,000,000 issued and outstanding common shares in the capital of Zijin Midas Nigeria
Limited ("
ZMNL
"). ZMNL is a private company incorporated in Nigeria. Nigerian corporate law requires a Nigerian corporation
have a minimum of two shareholders. Pursuant to the terms of the LOI, the Company will purchase the Shares from the Vendor
for cash consideration of US$96,000. Both the Vendor and ZMNL are arms-length to the Company.
ZMNL holds ten Exploration Licenses (the "
EL's
") in Nigeria, three of the EL's pertain to niobium-titanium ("
Nb-Ti
") exploration
(each being a "
Nb-Ti EL
"), and the remaining seven EL's are for gold and lead-zinc exploration (each being a "
Au-Pb EL
"). The
ten EL's cover a total area of 742 km².
The EL's are subject to a call option (the "
Slight Edge Option
") in favour of Slight Edge HK Limited ("
Slight Edge
"). Slight
Edge's Nigerian subsidiary assisted ZMNL through the application process which lead to the issuance of the EL's. According to
a call-option deed entered into between ZMNL and Slight Edge, Slight Edge has an option permitting it to obtain up to a 30%
interest in the seven Au-Pb EL's and a 20% interest in the three Nb-Ti
EL's.
Slight Edge may exercise its Slight Edge Option
before February 8, 2021 by reimbursing ZMNL for its respective percentage of costs and expenses incurred by ZMNL with
respect to the EL's.
ZMNL is currently undertaking an exploration program in the area covered by its three Nb-Ti EL's (these Nb-Ti
EL's are located
adjacent to a productive niobium-titanium mine). Wildsky is very excited about the opportunity of exploring in the area.
About Wildsky Resources Inc.
Wildsky Resources Inc. is a Canadian based exploration and development company with office located in Vancouver, B.C. The
Company's goal is to create value for shareholders through continuously exploring and developing its current properties in BC
and at the same time looking for new properties to acquire through its international connections.
For more information on Wildsky Resources, please contact the Company at (778) 889-4966, or visit the Company's website at
www.wildskyresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"signed by Wenhong Jin"
Wenhong Jin
President and CEO
Neither 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 of accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning
the specific factors disclosed here and elsewhere in Wildsky Resources' periodic filings with Canadian securities regulators.
When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "appear",
"should," and similar expressions, are forward-looking statements.
Although Wildsky Resources has attempted to identify important factors that could cause actual results, performance or
achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause
results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or
results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward looking
statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this
news release are made as of the date of this news release, and Wildsky Resources disclaims any intention or obligation to
update or revise such information, except as required by applicable law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/48702