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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (4939)	10/6/2014 1:02:29 PM
From: Goose94	Respond to of 202721

Santa Barbara Resources (SBL-V) Sept 29, '14 granted an option (ERCED option) to purchase all of the shares of the company's wholly owned subsidiary, Santa Barbara Resources Peru SAC, the holder of the Sancos and Surapata gold projects in Peru, to ERCED SAC, a privately owned Peruvian mineral exploration and mining company. The ERCED option This sale represents the sale of the company's only remaining mineral properties. ERCED is arm's length to the company and there is no finder's fee payable. The sale is subject to regulatory approval and the approval of the shareholders of the company, and contemplates the company exercising its underlying option to acquire the Sancos project. The terms of the ERCED option require that: ERCED pay the company $615,000 (U.S.) on signing the ERCED option (received);ERCED pay the company $615,000 (U.S.) on closing the ERCED option. The deposit will be returned to ERCED if the company's shareholders do not approve the sale or regulatory approval is not obtained. If ERCED does not exercise the ERCED option, once all conditions to exercise are met, then the company will be entitled to keep the deposit. The Barrick option SBL Peru holds its interest in the Sancos property under an August, 2009, option to purchase agreement with Barrick Gold Corp.'s Peruvian subsidiary Placer Dome del Peru SAC. The company has notified Barrick of its intention to exercise its option to purchase a 100-per-cent interest in the Sancos gold property. The company must pay Barrick $400,000 (U.S.) to exercise the Barrick option and complete the purchase of 100 per cent of the Sancos property, subject to Barrick retaining an underlying royalty and a one-time back-in right to become the project operator and reacquire a 51-per-cent interest in the property under certain defined conditions. Proceeds from the ERCED sale were used to pay this option exercise payment by its due date of Oct. 5, 2014. Shareholder meeting The shareholder meeting will be held on Nov. 6, 2014. Christoph Lassl” _______________________________ Christoph Lassl, President and Chief Executive Officer