Vancouver, September 20, 2016 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (FSE: R9G2) announces that the TSX Venture Exchange has accepted for filing the Property Purchase Agreement dated July 25, 2016, among 92 Resources Corp. (the “Company”), DG Resource Management (“DG”) & Michael V. Sklavenitis (“MS”), and the Company has therefore completed the purchase of a 100% interest in the Pontax Lithium Property, Eastmain Area, Quebec (the “Property”).
In consideration for a 100% interest in the Property, the Company will issue 3,000,000 common shares and make cash payments totalling $50,000 over a 12-month period to the Vendors as follows: $12,500 cash to DG on execution, 1,000,000 shares to DG and 500,000 shares to MS were issued on Exchange approval (“Approval”), $12,500 cash to DG within 60 days of Approval, $25,000 cash to DG at one year from Approval, and 1,000,000 shares to DG and 500,000 shares to MS at one year from Approval. The Agreement is subject to a 3% NSR in favor of DG which the Company has the right to purchase 50% within 5 years for $2,000,000. There is no Finder fee payable in connection with the transaction.
The Company acquired the Pontax property as a secondary property and will continue to focus all near term exploration and development efforts at its wholly owned Hidden Lake Lithium Property, NT. The Company does not anticipate conducting any field exploration at Pontax, QC until at least mid-2017.
On behalf of the Board of Directors,
Adrian Lamoureux, President & CEO
Neither the TSX Venture Exchange nor it’s 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.