Gray Rock Resources announces non-brokered private private-placement

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By admin on October 2, 2016. No Comments

Gray Rock Resources Ltd. (the “Company”) is pleased to announce that it has entered into a binding letter agreement (the “Agreement”) with DeCoors Mining Corp. (“DeCoors”) to acquire the Surprise Lake Property, located near Atlin, British Columbia, consisting of 32 mineral claims, and covering an area of 5,144 hectares, more or less. The Agreement also includes six other early-stage mineral exploration properties comprising a further 55 mineral claims, all located in British Columbia. In consideration of the acquisitions, the Company will issue to DeCoors for the Surprise Lake Property 4.0 million common shares (the “Gray Rock Shares”), and reimburse DeCoors for its location and exploration costs on the Surprise Lake Property up to a maximum of $30,000. The other properties will be acquired for only nominal consideration. In addition, DeCoors will retain a 1.5% NSR on each of the purchased properties, until the Company has paid $2.0 million under the NSR of any property placed into commercial production. Each NSR will be subject to the Company’s exclusive option to purchase all of any part of the NSR at any time at the rate of $666,667 for every one-third of a NSR (i.e., 0.5% NSR), or $2.0 million in the aggregate for the total NSR. (greyrockresources.com) Click here to read in new tab

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