The TSX Venture Exchange has accepted for filing a letter of intent between Berkwood Resources Ltd. and Progressive Planet Solutions Inc. dated Oct. 23, 2018. Under the agreement, Berkwood has agreed to grant Progressive an option to acquire a 5-per-cent interest in and to Berkwood's Lac Gueret South property located in Quebec in consideration of Progressive incurring exploration expenditures in the amount of $250,000 on the property on or before Dec. 31, 2018.

Either party to the agreement has the right to cause Berkwood to buy back the interest in consideration of the issuance to Progressive of 1.75 million units of Berkwood. Each unit will comprise one common share of Berkwood and one-half of a share purchase warrant, where each whole warrant will entitle the holder to acquire one additional common share of Berkwood at a price which is the greater of 15 cents or the volume-weighted average price of the shares of Berkwood at the time that notice is provided.