Rokmaster Closes Acquisition of the Duncan Lake Zinc-Lead Property
VANCOUVER, BC--(Marketwired - January 23, 2017) - Rokmaster Resources Corp. ("Rokmaster" or the "Company") (TSX VENTURE: RKR) is pleased to announce that it has closed the acquisition of a 100% interest in the Duncan Lake Zinc-Lead Property located in the Slocan Mining Division in southeast British Columbia, Canada (the "Property") pursuant to a property purchase agreement dated November 2, 2016 (the "Purchase Agreement").
Under the Purchase Agreement, Rokmaster issued the following aggregate consideration to the vendors at closing in exchange for the Property:
- an aggregate of 12,000,000 common shares of the Company ("Common Shares") which are subject to a hold period of four months and one day expiring May 18, 2017;
- an aggregate of 12,000,000 Series A Special Warrants that have a term of 10 years, with each Series A Special Warrant being automatically exercised into one Common Share upon the Company receiving a technical report identifying a mineral resource or mineral reserve estimate totalling a minimum of 3 million tonnes of 6% combined lead and zinc equivalent;
- an aggregate of 12,000,000 Series B Special Warrants that have a term of 15 years, with each Series B Special Warrant being automatically exercised into one Common Share upon the Company receiving a technical report identifying a mineral resource or mineral reserve estimate totalling a minimum of 6 million tonnes of 6% combined lead and zinc equivalent;
- an aggregate of 12,000,000 Series C Special Warrants that have a term of 20 years, with each Series C Special Warrant being automatically exercised into one Common Share once the Property commences commercial production; and
- a 2.5% net smelter returns royalty on gold, silver, lead and zinc bearing ores produced from the Property.
All of the aforementioned Special Warrants (the "Special Warrants") are subject to an accelerated exercise provision that would result in the Special Warrants being exercised automatically into Common Shares. The conditions of the accelerated exercise provision and the Property's history are more detailed in the Company's news release dated November 2, 2016.
For additional information on the Company and the Property, please visit the Company's website www.rokmaster.com.
On behalf of the Board of Directors of
ROKMASTER RESOURCES CORP.
"John Mirko"
John Mirko, President & Chief Executive Officer
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Contact
For further information, contact:
John Mirko
President and Chief Executive Officer
Rokmaster Resources Corp.
Telephone: 604.632.9602