ENP Newswire -
Release date- 06082014 -
The Preissac Property comprises 55 claims and is located about 25 kilometres northwest of the town of
SAGAR Property - Agreement with
Pursuant to a letter of intent (the 'SAGAR Agreement') entered into in
In addition, Virginia had (a) a right of first refusal on any sale, assignment or transfer of Energizer's interests in the mining claims subject to the SAGAR Royalty (the 'Right of First Refusal') and (b) a back-in right entitling Virginia to re-acquire a 51% interest in the mining claims that are subject to the SAGAR Royalty, should no less than 500,000 ounces of contained gold equivalent or all precious metals be discovered (the 'Back-In Right'), by paying two and a half times of the Current Expenditures (as defined in the SAGAR Agreement) incurred by Energizer on the discovery prior to Virginia's election.
In addition, pursuant to an agreement dated
Virginia announces that it has agreed to waive all of its rights in connection with the Right of First Refusal and the Back-In Right. As consideration for the waiver, Honey Badger has agreed to issue 1,000,000 common shares to Virginia. Virginia's waiver does not apply to the SAGAR Royalty. The transaction is subject to the approval of the
Virginia conducts its exploration activities over the vast, unexplored territories of
With a working capital position of
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described from time to time in Virginia's periodic reports filed with the security commissions of
Virginia undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.
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