Apex Resources JV Partner, Acquireco, Merges With Prize Mining Corp.
TSX VENTURE: APX
Vancouver, BC / TheNewswire / May 2, 2017- Apex Resources Inc. ("Apex" or the "Company) (TSXV: APX;) announces that effective April 13, 2017 Acquireco, (1994854 Alberta Ltd.,) its joint venture partner on the Kena Project has merged with Prize Mining Corporation ("Prize") (TSXV: PRZ;), a Calgary based junior mining issuer (see Prize news release of April 13, 2017). With this merger Prize will assume Acquireco's obligations regarding the Apex-Acquireco Kena Project joint venture option agreement.
Pursuant to the option agreement Prize may earn an 80% interest in Apex's Kena and Daylight Gold-Copper Properties (the "Kena Project") located in the Nelson area of British Columbia, Canada. To exercise its option and earn its 80% interest in the Project, Prize must make annual cash and share option payments over 36 months totaling $1,250,000 and 1,500,000 shares and complete $3,000,000 in Kena Project related exploration expenditures over four years (see Apex news release of Sep 26, 2016).
Prize shares trade on the TSX Venture Exchange under the trading symbol PRZ. Prize shares were halted pending approval of the merger with 1994854 Alberta Ltd. but resumed trading on April 27th 2017.
For more information on the Company's projects, please visit www.apxresources.com