Everton Resources Inc. (TSX VENTURE:EVR)(FRANKFURT:ERV) has announced that, jointly with Canadian Star Minerals Ltd., a private company, it has executed a Memorandum of Understanding to sell or transfer ownership of options to give Strike Minerals Inc. (TSX.V: STK) a 100% undivided interest in a package of gold exploration properties at Hays Lake near Schreiber, Ontario approximately 70 kilometres west along the Trans Canada Highway from the multi million ounce Hemlo gold deposit in the Schreiber Hemlo greenstone belt.
Subject to Regulatory Approval, necessary corporate approvals, and closing, Strike can acquire a 100% interest in the property for $100,000 in cash, 5,700,000 common shares of Strike and 0.5% NSR on the property that can be purchased for $500,000 by Strike at any time.
Canadian Star together with Everton have the right to jointly nominate one position on the Board of Strike.
The transaction is subject to due diligence, receipt of requisite approval including the approval of the TSX Venture Exchange with respect to Strike and Everton, and the execution and delivery of a definitive purchase agreement.
Source: Everton Resources Inc.