92 Resources Discloses Terms of Quebec Property Acquisition
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Tel: (778) 945 2950 www.92resources.com
Trading Symbol: TSX.V: NTY OTCQB: RGDCF Frankfurt: R9G2 (WKN: A11575)
92 RESOURCES DISCLOSES TERMS OF QUEBEC PROPERTY ACQUISITION
Vancouver, September 21, 2017 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) announces that, further to its news release issued earlier today, the Company wishes to disclose the terms of the Quebec property acquisition.
Under the terms of the acquisition agreement, in order to acquire a 100% interest in the Corvette, Eastmain and Lac du Beryl properties, the Company is required to make total cash payments of $45,000 and issue a total of 1,500,000 warrants, exercisable into common shares of the Company, at a price of $0.15 per share for a period of five years. The vendor will retain a 2% net smelter returns royalty (“NSR”) on the properties.
About 92 Resources Corp.
92 Resources Corp is a modern energy solution company, focused on acquiring and advancing strategic and prospective modern energy related projects. The Company currently holds three principal assets in Canada: the Hidden Lake Lithium Property, NWT, the Pontax Lithium Property, QC, and the Golden Frac Sand Property, BC.
The Hidden Lake Lithium Property is strategically located within the heart of the Yellowknife Pegmatite District with 2016 exploration results returning 1.90% Li2O over 9 m and grab samples up to 3.3% Li2O. The Property is easily road accessible and its proximity to infrastructure provides for numerous development advantages.
The Pontax Property is located within Quebec’s lithium district, and covers several historic pegmatite occurrences that are adjacent to known spodumene bearing pegmatite(s). The underlying geology includes over 20 km strike length of the Pontax Greenstone Belt, which is also a favourable geological environment for gold occurrences.
The Golden Frac Sand Property covers more than a 4 km length of the Mount Wilson Formation, which consists of high purity, white, quartzite and friable sandstones. It’s strategic location in western Canada and proximity to infrastructure, provides competitive access to the oil and gas markets where high-‐quality frac sand is an essentially input. The adjacent Moberly Silica Sand Mine, owned and operated by Heemskirk Canada Ltd., produces a number of high-‐ purity products and as of February 2017, became subject to a takeover bid by Northern Silica Corporation valued at $42.3 million AUD.
For further information, please contact Adrian Lamoureux, President & CEO at Tel: 778-‐945-‐ 2950, E-‐mail: [email protected] or visit www.92resources.com.
On Behalf of the Board of Directors,
“ADRIAN LAMOUREUX”
Adrian Lamoureux, President & CEO
Neither the TSX 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 news release.
Forward Looking Statements:
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-‐looking statements”. Forward-‐looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-‐looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-‐looking statements.