Prime Meridian Resources Corp. Announces Purchase Agreement on New Claims in Red Lake
Prime Meridian Resources Corp. has announced that subject to TSX Venture Exchange approvals, the Company has executed a formal purchase agreement to acquire 282 mineral claims covering 5,830 hectares in the Dixie Lake area of the Red Lake Mining District, bringing the company's total land position in the area to 10,180 hectares. The claims are generally contiguous with PMR's existing Camping Lake Project and east of PMR's Bruce Lake Project.
The Company will acquire a 100% interest in the new claims, with no royalties, by issuing a total of 1,000,000 common shares of the Company and paying $15,000 to the vendor, as per the following:
- Issuing 500,000 common shares and paying $15,000 upon the receipt of TSX Venture Exchange acceptance of the Purchase Agreement; and
- issuing 500,000 common shares on or before the 1st Anniversary of the Purchase Agreement.
The common shares will be subject to a four-month hold period pursuant to applicable securities laws.
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