Rugby Mining Limited (“Rugby” or the “Company”) (TSX-V: RUG) announces that it will issue 302,095 shares in settlement of a payment of US$50,000 pursuant to a previously announced option agreement with All-Acacia Resources over the Motherlode project.
The Motherlode Project in the Philippines is a high-grade epithermal vein system with significant historical gold production. Rugby drilling has indicated the presence of a large-scale porphyry copper gold system below and along strike from the vein system. That system represents an attractive exploration target.
Unfortunately, the Philippines and the Motherlode area in particular, have suffered very significant typhoon destruction. Payment of the option fee places the agreement in good standing for another year. Rugby will maintain its focus on Cobrasco, Colombia and will use the remainder of 2022 to determine how best to maximise value for this asset.
Under the terms of the option agreement together with subsequent amendments, the Company is required to make annual option payments of US$50,000 over four years.
Subject to TSX Venture Exchange (“TSX-V”) approval, the shares will be issued at a deemed price of CAD$0.21 per share and will be subject to a four-month hold period.
Quelle: www.globenewswire.com/news-release/2022/...ION-AGREEMENT.html