- Tres-Or Resources Ltd. (TRS) has reached an agreement with Kiboko Gold Inc. to amend and restate the original option agreement between the parties
- Under the new amended and restated agreement, Kiboko is granted a one stage option to acquire 100 per cent of Tres-Or’s interest in the Fontana Gold project
- To exercise the 100 per cent Option Kiboko must return 2 million common shares and 1 million warrants of Tres-Or previously issued to Kiboko
- The consummation of this agreement will complete the separation of Tres-Or’s gold property assets from its current diamond property assets, which it intends to focus on
- Tres-Or Resources Ltd. (TRS) is up 10 per cent, trading at $0.11 per share as of 4:10 p.m. EST
Tres-Or Resources Ltd. (TRS) has reached an agreement with Kiboko Gold Inc. to amend and restate the original option agreement between the parties.
Under the new amended and restated agreement, Kiboko is granted a one-stage option to acquire 100 per cent of Tres-Or’s interest in the Fontana Gold project.
This replaces the two-stage option under the original agreement where Kiboko was granted the right to acquire up to 90 per cent.
To exercise the 100 per cent Option Kiboko must return 2 million common shares and 1 million warrants of Tres-Or previously issued to Kiboko.
Kiboko must also deposit $300,000 with Tres-Or’s counsel to be applied as to $200,000 to be paid to Globex Mining Enterprises Inc. to satisfy certain outstanding obligations with the balance to be paid to Tres-Or.
Additionally, by June 30, 2022, Kiboko must complete an initial public offering of its securities having gross proceeds of a minimum of $3 million.
The final condition is that within 30 days of the closing of the initial public offering Kiboko must pay $350,000 to Tres-Or and issue to Tres-Or’s shares of Kiboko having a value of $1,500,000.
This is based upon a share price equal to the price at which Kiboko’s common shares were issued in the initial public offering.
Tres-Or’s board of directors intends to distribute the shares received to Tres-Or shareholders on a pro-rata basis.
The consummation of this agreement will complete the separation of Tres-Or’s gold property assets from its current diamond property assets.
Tres-Or will continue to focus on the exploration and development of its Quebec diamond assets and evaluate additional diamond project opportunities.
Tres-Or Resources Ltd. (TRS) is up 10 per cent, trading at $0.11 per share as of 4:10 p.m. EST.
