|By Marketwired .||
|January 12, 2017 03:24 PM EST|
SASKATOON, SASKATCHEWAN -- (Marketwired) -- 01/12/17 -- Tarku Resources Ltd. (TSX VENTURE: TKU) (the "Company") announces that it has entered into a purchase agreement (the "Agreement") to acquire a 100% undivided interest in 29 mineral claims, comprising approximately 1,625 hectares or 16.25 sq/km, near the Municipality of Matagami, Quebec (the "Property"), with Services de Marketing The Ask ("The Ask") and Syndicated Capital Corp. ("Syndicated"), together the "Vendors." Both Vendors are arm's length parties to the Company, their current ownership in the claims is 75% and 25%, respectively.
Under the terms of the Agreement, the Company is acquiring the Property with the following consideration:
1. an aggregate cash payment of $15,000, upon approval of the TSX-Venture Exchange. -- $11,250 to The Ask and $3,750 to Syndicated 2. issuance of 800,000 common shares upon, approval of the TSX-Venture Exchange. -- 600,000 common shares to The Ask and 200,000 to Syndicated 3. a 1% net smelter royalty ("NSR") -- 0.75 % to The Ask and 0.25% to Syndicated
The NSR can be reduced by 50% with the payment of $500,000 ($375,000 to The Ask and $125,000 to Syndicated)
Mr. Sylvain Laberge, President and CEO of Tarku, remarks "We are pleased to add this property to our portfolio. It furthers our mandate of expanding our position in prospective properties in Northern Quebec".
The Agreement is subject to the approval of the TSX-Venture Exchange.
Tarku Resources Ltd. is an exploration company focused on discovery in the mineral-rich Canadian landscape. The foundation of the company is based on an experienced management team with a track record of success. The goal of Tarku is to provide success for shareholders through the implementation of strategic property acquisition, the use of proven exploration techniques and the exploitation of fertile ground. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the company's properties.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
President and CEO
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