Sono Resources has signed a formal Share Purchase Agreement with Tignish to acquire 95% of the issued and outstanding shares of Bonnyridge, who is the official and valuable holder of three mineral license blocks sited in Northwestern Botswana, Africa.
Under the terms of the agreement, Sono in order to buy the shares is mandated to provide the vendor an early cash payment of USD$200,000 within 3 business days of the agreement execution, an additional cash of USD$100,000 on or before completion, 6,500,000 restricted common shares of Sono at closing and it must be completed before April 29, 2011 or else as reciprocally determined..
Bonnyridge has continued to offer the vendor, USD$900,000 in three payments of USD$300,000 per year over a three-year time, additionally perform an exploration program on the 2,965.6 km2 of mineral rights casing the property by an expense obligation over the three-year period of around USD$1,750,000, in order to continue the property interest of the company.
The location of licensing areas has been extensively described as a Kalahari copper belt extension that expands from Zambia through Botswana and into Namibia. This belt is the source for many copper producing mines and several exploration activities.
Source: http://www.sonoresourcesinc.com/