Manson Creek Resources Ltd. (MCK.V) has entered into a letter agreement for the option of the Up Town Gold Project by Petro-Occidente Capital Corp. (OPP-P.V) where Manson Creek is assigning its option to acquire 100% of the Up Town Gold property, subject to a 2.5% net smelter return royalty held by the underlying vendor, to OPP.
"This deal with Petro-Occidente Capital Corp. provides Manson Creek an excellent opportunity to further exploration on the Up Town Gold property without spending its own capital in these challenging economic conditions," said Regan Chernish, P.Geol., President of Manson Creek Resources Ltd.
Manson Creek will receive a $25,000 cash payment and 100,000 common shares of OPP upon the closing of the acquisition. Manson Creek will receive an additional 100,000 common shares of OPP on or about January 28, 2014 and again on or about January 28, 2015 provided the option remains in effect.
Manson Creek closed at a new yr low of 2.5 cents yesterday.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
