Welcome to San Marco Resources Inc.
San Marco Resources Inc. is a Canadian mineral exploration company with a portfolio of exploration-stage projects in Mexico and Canada, including the flagship Buck Project located in central British Columbia.
San Marco has a committed management team with extensive experience in Canada and Mexico with a proven track record in discovery to project development.
- San Marco provides an update on its option agreement to acquire a 100% interest in the Buck Property.
- Option Terms:
- By incurring at least $112,000 in exploration on the property by December 31, 2019, and making cash payments totalling $300,000 and issuing 4,000,000 shares to the optionors, Dick Billingsley, and his wife, Gaye Richards, by the fifth anniversary of the Exchange’s approval of the option agreement, San Marco will have exercised the option and earned a 100% interest in the Buck Property.
- Once the option is exercised, San Marco must:
- Grant the optionors a 2.5% net smelter returns royalty. The royalty can be reduced to 1.5% of net smelter returns by a payment of $2,500,000 to the optionors prior to the first anniversary of the commencement of commercial production.
- Issue an additional 4,000,000 shares to the optionors upon the earlier of completion of a bankable feasibility study, the acquisition of more than 50% of the shares of the Company by a third party acquiror (or group of acquirors acting in concert) in a take-over bid or the eighth anniversary of the Effective Date.
- Conditional approval of the option has been received from the TSX Venture Exchange. Final approval is subject to San Marco satisfying a number of conditions…
For the full news release click here.