CALGARY, ALBERTA--(Marketwired - Dec. 30, 2015) - Margaux Resources Ltd. (TSX VENTURE:MRL) ("Margaux" or the "Corporation") is pleased to announce that it has entered into an agreement (the "Amending Agreement") with Sultan Minerals Inc. (TSX VENTURE:SUL) ("Sultan") to amend the option agreement dated November 8, 2013 between Sultan and Margaux, as amended on each of January 22, 2014 and October 26, 2015 (the "Option Agreement"), granting Margaux an option to purchase 100% of the Jersey Emerald Property for payments totaling $4 million according to terms set therein.
Pursuant to the Amending Agreement, aggregate option payments (the "Option Payments") in the amount of $1,600,000 due on December 31, 2015 will become payable on February 28, 2016. Additionally, the Amending Agreement requires that the Corporation announce possible financing arrangements in order to make the Option Payments by not later than January 25, 2016. All other terms of the Option Agreement remain unchanged.
About Margaux Resources Ltd.: Margaux is based in Calgary, Alberta and a publicly traded resource company with oil and gas exploration and production and an option on the Jersey Emerald Tungsten-Zinc Property.
Neither the 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 press release.
Cautionary Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this news release contains statements concerning the timing of payment of the Option Payments and the timing for Margaux to announce additional financing pursuant to the Amending Agreement.
Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Margaux which have been used to develop such statements and information but which may prove to be incorrect.
Although Margaux believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Margaux can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The intended use of the proceeds of the Private Placement by Margaux might change if the board of directors of the Corporation determines that it would be in the best interests of Margaux to deploy the proceeds for some other purpose.
The forward-looking statements contained in this news release are made as of the date hereof and Margaux undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Contact Information:
Tyler Rice
President
(403) 537-5590