BWR Exploration Inc. and Puma Exploration Inc. extend and amend Little Stull Lake Property Agreement
TSX VENTURE: BWR
TORONTO, Oct. 10, 2019 (GLOBE NEWSWIRE) -- BWR Exploration Inc. (TSXV:BWR) (“BWR” or the “Company”) is pleased to announce an exploration expenditure extension of one year pursuant to an amendment to the October 5, 2016 Agreement (the” Agreement”) with Puma Exploration Inc. (TSXV:PUMA) (“Puma”).
Section 2(e) of the Little Stull Lake Property Agreement stipulates that if BWR does not incur exploration expenditures for an amount of at least $1,500,000 on the Little Stull Lake Property by October 5, 2019, BWR is required to issue within 30 days of October 5, 2019, 5,000,000 of the Company’s shares to Puma. BWR has advised Puma that it has not to date expended the $1,500,000 required pursuant to Section 2(e) of the existing Agreement. Having fallen short of the pre-agreed exploration expenditure, primarily due to lack of permission to explore the subject property, as issued by the Province of Manitoba (the “Crown”), BWR further advised Puma, that it is in the final stage of a lengthy process that involves the Crown implementing a new protocol process conceptually designed to streamline the early stage work permit application process with respect to First Nation concerns. BWR anticipates that the Crown will be recommending the issuance of a work permit containing various conditions agreed to with First Nation communities that have treaty interests in the project area shortly.
Consequently, BWR and Puma have agreed to amend the Agreement as follows:
- BWR shall issue to Puma 1,000,000 shares of the Company on or before November 4, 2019
- the Agreement is amended as follows:
- subparagraph ii) of Section 2(b) is deleted, and
- paragraph (e) of Section 2 of the Agreement is amended as follows:
- the period of “36 months” is replaced by a period of “48 months”, thereby extending the time period in which the Company must occur expenditures to the Little Stull Lake Property in Manitoba, and
- the amount of “5,000,000” shares is replaced by “4,000,000” in order to maintain the total share allotment of Puma given that 1,000,000 shares of the Company are being transferred to Puma on or before November 4, 2019.
All other terms of the Agreement continue in full force and effect, unamended as of the date hereof. Capitalized terms not defined in this letter have the respective meanings accorded to them in the Agreement.
This amendment to the original agreement may be subject to regulatory approval, which will be sought if so required.
BWR is currently in the process of raising $300,000 as disclosed in an earlier release (September 11, 2019), of which $146,000 has closed in a first tranche. This financing remains open until October 25, 2019 as per a conditional approval letter issued to the Company by the TSX Venture Exchange.
BWR Exploration Inc. is a public company focused on exploring for base and precious metals, with its flagship Little Stull Lake Gold Project in NE Manitoba along with other exploration projects in Northern Ontario, and Northern Quebec, Canada. Management of BWR includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector in Canada and abroad. All references to currency in this press release indicate Canadian dollars unless stated otherwise.
Neither the Toronto 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 or accuracy of this release.
For information about BWR Exploration Inc. please visit our website:
http://www.bwrexploration.com or call/email:
Neil Novak, P.Geo., President, CEO & Director,
BWR Exploration Inc.
82 Richmond St. E
Toronto, ON M5C 1P1
Office (416) 848 6866
For additional information regarding BWR please contact:
Carl Desjardins, Paradox Investor Services Inc.