Rock property amending agreement
Rock Resources Inc
RKR
Shares issued 21,543,508
1999-09-02 close $0.16
Friday Sep 3 1999
Pursuant to the VSE notice dated June 4, 1997, the Vancouver Stock Exchange
has accepted for filing an amended agreement dated July 16, 1999, between
Rock Resources and De La Chevre Noir whereby the parties intend to conduct a
joint mineral development program on the Coiron property in Chile. The amended
terms are as follows:
To earn a 30-per-cent interest (15,000 shares in De La Chevre Noir): $40,000
(U.S.) on execution of the previous agreement; $45,000 (U.S.) by March 1,
1997; $45,000 (U.S.) by April 1, 1997; $25,000 (U.S.) by May 1, 1997;
$15,000 (U.S.) by June 1, 1997; $15,000 (U.S.) by July 1, 1997; $315,000
(U.S.) by Aug. 1, 1997; issuance of 250,000 shares in the capital stock of Rock
Resources upon acceptance for filing of the previous agreement, by the
Vancouver Stock Exchange (issued); upon completion of a $100,000 (U.S.)
work program, issuance of 250,000 shares in the capital stock of Rock
Resources, subject to receipt and acceptance by the Vancouver Stock Exchange
of a technical report recommending further work on the property; upon
completion of a $100,000 (U.S.) work program, issuance of 250,000 shares of
Rock Resources, subject to receipt and acceptance by the VSE of a technical
report recommending further work on the property; and upon completion of a
$100,000 (U.S.) work program, issuance of 250,000 shares of Rock Resources,
subject to receipt and acceptance by the VSE of a technical report recommending
further work on the property.
To earn an additional 10-per-cent interest (5,000 shares in De La Chevre Noir):
upon completion of a $500,000 (U.S.) work program, issuance of 1,000,000
common shares in the capital stock of Rock Resources Inc., subject to completion
of the recommended drilling program, and receipt and acceptance by the VSE of
a technical report recommending further work on the property.
To earn an additional 10-per-cent interest (5,000 shares in De La Chevre Noir):
payment of $300,000 (U.S.) and the issuance of 1.167 million common shares of
Rock Resources and completion of $1.167-million (U.S.) in property
expenditures by Dec. 31, 2000, provided Rock has expended at least $600,000
(U.S.) (of the $1.167-million (U.S.)) by June 30, 2000, subject to receipt and
acceptance by the VSE of a technical report recommending further work on the
property.
To earn an additional 10-per-cent interest (5,000 shares in De La Chevre Noir):
payment of $500,000 (U.S.) and the issuance of 1.167 million common shares of
Rock Resources and completion of $1.167-million (U.S.) in property
expenditures by Dec. 31, 2001, subject to receipt and acceptance by the VSE of
a technical report recommending further work on the property.
To earn an additional 10-per-cent interest (5,000 shares in De La Chevre Noir),
for a total of a 70-per-cent interest in the property: payment of $500,000 (U.S.)
and the issuance of 1.167 million shares of Rock Resources and completion of
$1.167-million (U.S.) in property expenditures by June 30, 2003, subject to
receipt and acceptance by the VSE of a technical report recommending further
work on the property.
If the interest of the current De La Chevre Noir shareholders equals or falls below
30 per cent, the remaining interest of the current De La Chevre Noir shareholders
will be exchanged for a 3-per-cent net smelter return royalty, of which Rock will
have the right to purchase up to a 2-per-cent net smelter return royalty.
Pursuant to the above agreement, the VSE has approved the issuance to the
property vendors of 1.75 million shares of Rock Resources to complete the
acquisition of 40 per cent of the property.
A finder's fee is payable to Brad Eckenweiler. |
