Partners Manson Creek Resources (TSE), Athlone Resources (VSE) and Ballatar Explorations (VSE) have restructured their joint-venture agreement to acquire and explore mineral concessions in Venezuela.
Under the original deal, each company had a one-third interest. The ownership has now become 40% Manson Creek (the operator), 40% Athlone and 20% Ballatar.
The ownership change resulted from an increase in the scale and budget of the land acquisition program.
To provide financing, Manson Creek’s parent company, Golden Rule Resources (TSE), will buy one million units of Manson Creek at 56 cents each, through a private placement. Each unit will consist of a common share and a share purchase warrant, which can be exercised over two years at 56 cents. The placement is subject to regulatory approval and Manson Creek’s acquisition of certain concessions in Bolivar state.
Golden Rule has also agreed to qualify one million of its Manson Creek shares for resale on the Toronto Stock Exchange. Proceeds will be used to finance the private placement.
Golden Rule owns just over 5.1 million Manson shares, or about 55% of the company.
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