Malbex Resources Inc. (MBG.V) announced that it has entered into agreements that allow it to acquire control of the Los Guandules Verdes exploration concession in the Dominican Republic.
The Property is immediately south of the Nieta Concession currently being explored by Unigold Inc. (UGD.V) and about 15 kilometres northwest of GoldQuest Corp.'s (GQC.V) La Escandalosa project.
Like the Nieta and La Escandalosa concessions, Los Guandules Verdes concession is underlain by the mid-Cretaceous Tireo Group which is host to various zones of volcano sedimentary-related gold and copper-zinc-silver mineralization elsewhere in the Domincan Republic.
Malbex has completed a definitive agreement with the shareholders of Americana de Explotaciones Mineras S.R.L., a Dominican private company, to acquire all of the issued and outstanding shares in the capital of Americana for a purchase price of RD$100,000 Dominican pesos.
The shareholders of Americana had previously granted Unigold the option to acquire all of the shares in Americana, or the Property licence, for nominal consideration. In connection with the acquisition of Americana, Malbex has entered into an agreement with Unigold to cancel the outstanding option.
In exchange for Unigold agreeing to consent to the acquisition by Malbex of all of the outstanding shares of Americana and to cancel the option, Malbex has agreed to issue to Unigold 13.00 million common shares of Malbex and grant Unigold a 2% net smelter return royalty on the Property.
Malbex said it can buy back half of the net smelter return royalty for $1 million. If Malbex identifies at least 2 million ounces of measured and/or indicated resources within the first 5 year term of the exploration concession, then Malbex must issue an additional 5 million common shares to Unigold. All such common shares of Malbex which may be issued to Unigold pursuant to the Unigold Agreement will be subject to a hold period of four months from the time of the issue of such common shares.
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