- Northern Lights Resources Corp. (NLR) its 25 per cent interest in the Medicine Springs Project to Reyna Silver Corp. (RSLV) for $2.3 million
- Northern Lights gave all its rights and obligations under the Medicine Springs option agreement to Reyna Silver
- Reyna Silver can acquire 100 per cent of the project by completing the minimum exploration expenditures
- The total payment given to Northern Lights included a US$100,000 cash payment and six million shares of Reyna Silver
- Northern Lights Resources Corp.(NLR) is up 25.00 per cent, trading at $0.02 per share as of 12:25 p.m. EST
- Reyna Silver Corp. (RSLV) is up 6.85 per cent trading at $0.39 per share as of 1:22 p.m. EST
Northern Lights Resources Corp. (NLR) has sold its 25 per cent interest in the Medicine Springs Project to Reyna Silver for $2.3 million.
Under the terms of the transaction, Northern Lights gave all its rights and obligations under the Medicine Springs option agreement to Reyna Silver. Reyna Silver has the option to acquire 100 per cent of the project by completing the minimum exploration expenditures outlined in the option agreement.
The total payment given to Northern Lights included a US$100,000 cash payment and six million shares of Reyna Silver. The project is subject to a 1.00 per cent net smelter return royalty, 0.50 per cent of which can be bought back by Reyna Silver for US$2.5 million.
Northern Lights CEO, Jason Bahnsen, commented,
“The completion of the sale… positions NLR to focus on the exploration of the Secret Pass Gold Project in Arizona and the review of new potential project acquisition opportunities.”
Northern Lights also agreed to pay a $40,000 finder’s fee to an arms-length party which it paid using its common shares.
Northern Lights Resources Corp.(NLR) is up 25.00 per cent, trading at $0.02 per share as of 12:25 p.m. EST.
Reyna Silver Corp. (RSLV) is up 6.85 per cent trading at $0.39 per share as of 1:22 p.m. EST.