Golden Reign to acquire remaining San Albino interest
Oct 31, 2012 - News Release
Golden Reign Resources Ltd. has completed an agreement to acquire the remaining 20-per-cent interest its flagship San Albino-Murra gold property, Nicaragua.
The Agreement marks a very significant milestone for Golden Reign. The Company has been actively working towards acquiring a 100% ownership stake in the highly-prospective Property since late 2011. In Spring 2012, Golden Reign completed its earn-in of an initial 80% interest in the Property approximately 1.5 years ahead of schedule.
Terms of Acquisition
The Company has the right to purchase the 20% interest in the Property by making cash payments totalling US$650,000 and issuing 2,100,000 common shares from its treasury over a period of 12 months, as follows:
- i. the payment of US$100,000 (paid) upon signing of the Agreement (the "Acceptance Date");
- ii. the payment of US$137,500 on or before each three month anniversary from the Acceptance Date over a period of twelve months, for an aggregate of US$550,000;
- iii.the issuance of a total of 2,100,000 common shares, to be issued in four equal installment of 525,000 common shares on or before each three month anniversary from the Acceptance Date over a period of twelve months.
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