Mr. Michael Rowley reports
GROUP TEN METALS INC. AMENDS ONTARIO PROPERTY AGREEMENTS
Group Ten Metals Inc. has amended two property agreements for its Black Lake gold properties in Northwest Ontario.
The company has amended a property agreement as announced on Nov. 14, 2013, such that the initial cash payment of $8,000, now overdue, shall be met by the issuance of 400,000 shares. In addition the amendment clarifies the dates on which all future payments are due.
As previously announced on June 23, 2014, Fortune Tiger Resources Ltd. has agreed to assign the Black Lake property agreement to the company and such agreement has now been further amended. Group Ten may now earn up to a 100-per-cent interest in the property from underlying optionor, Rubicon Minerals Corp. In consideration of the assignment, the company must issue two million shares to Fortune Tiger in staged issuances to maintain its holdings at less than 10 per cent of the issued and outstanding shares of the company. The company must also pay $2,000 and issue 400,000 common shares to Rubicon in consideration for Rubicon agreeing to defer several cash payments due under the agreement.
The amended agreements and related issuance of common shares are subject to acceptance by the TSX Venture Exchange.
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