Sable Resources' Agreement for Margarita Project Accepted by TSX For Filing
TSX VENTURE: SAE
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 30th 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