MONTRÉAL, QUÉBEC--(Marketwired - March 1, 2017) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
Goldstar Minerals Inc. ("Goldstar" or the "Company") (TSX VENTURE:GDM) has amended its Mineral Option and Sale Agreement (the "Agreement") with Charles Morrissy ("Morrissy") on its Lake George Property in New Brunswick, Canada.
Under this amendment, and in lieu of paying Morrissy $150,000 on February 14, 2017, Goldstar will issue 1,500,000 shares to Morrissy on or before March 14, 2017 and further pay Morrissy $75,000 in cash on the earlier of i) 5 days following the date upon which Goldstar completes a financing of no less than $500,000 and ii) September 14, 2017. The shares will be issued 5 days after Exchange approval and will be subject to a 4 month hold period.
Additionally, in order to exercise its option to obtain a 90% interest in the Lake George Property, the Company will pay Morrissy $100,000 on or before February 14 in each of 2018, 2019, 2020 and 2021.
Luciano Vendittelli ("Vendittelli"), who acted as a finder under the original agreement, was issued 29,230 common shares at the time and is owed a balance of 70,770 common shares. These shares will be issued at the same time as the shares to be received by Morrissy and will be subject to a 4 month hold period.
Both Morrissy and Vendittelli are dealing at Arms Length with the Company.
These transactions are subject to the approval of the TSX Venture Exchange.
About Goldstar Minerals Inc.
Goldstar Minerals is focused on developing gold and high-value tungsten deposits in leading mining jurisdictions in Canada. Goldstar Minerals has the Lake George Property in New Brunswick and the Julien property in Québec, each with year-round access.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements.