Morocco Strategic Minerals to Sell Sakami Property in Quebec to Visible Gold
Morocco Strategic Minerals (MCC.V) entered into an agreement with Visible Gold Mines (VGD.V) pursuant to which Visible Gold will buy a 100% interest in the Sakami Property located in the James Bay region of Quebec, it said on Wednesday.Visible Gold will issue to the company 4-million common shares of Visible Gold, about 9.7% of Visible Gold's issued and outstanding common shares on a pro forma non-diluted basis and about 8.3% on a pro forma fully diluted basis following closing. Visible Gold will also grant Morocco Strategic Minerals a 1% NSR royalty on the property, which may be repurchased by Visible Gold for $1 million.The common shares will be subject to a voluntary three-year resale restriction, with 400,000 common shares to be released four months following closing and 1.2 million common shares to be released on each of the first, second and third anniversaries of the closing date, it said.Shares of Morocco Strategic Minerals were last seen unchanged at $0.17 on the TSX Venture Exchange.