Cardston, Alberta--(Newsfile Corp. - September 28, 2020) - American Creek Resources Ltd. (TSXV: AMK) (the "Company" or "American Creek") - announces that it has entered into amended and restated property option agreements with respect to the Silver Side property, the Ample Goldmax property and the Glitter King property. The terms of the original property option agreements were previously announced on September 14 & 15, 2016. The Company had defaulted on some option payments under the old agreements and consequently the re-negotiated amended and restated agreements bring the options back in good standing. Pursuant to the amended and restated option agreements, in order to exercise the options and acquire a 100% interest in the properties (subject to the royalties described in the Company's news releases dated September 14 & 15, 2016), the Company will be required to pay a $2,500 extension fee per agreement and (i) with respect to the Silver Side property, issue 250,000 common shares to the owners of the property on or before October 2, 2020, make cash payments to the owners totaling $50,000 by September 21, 2021, and conduct a total of $85,000 in exploration work on the property by September 22, 2022; (ii) with respect to the Ample Goldmax property, issue 550,000 common shares to the owners on or before October 2, 2020, make cash payments to the owners totaling $45,000 by September 21, 2021, and conduct a total of $200,000 in exploration work on the property by September 22, 2022; and (iii) with respect to the Glitter King property, issue 350,000 common shares to the owners on or before October 2, 2020, make cash payments totaling $50,000 by September 21, 2021, and conduct a total of $80,000 in exploration work on the property by September 22, 2022. The Company expects to issue a total of 1,150,000 common shares to the owners of the properties within the next week as required under the terms of the amended and restated agreements. When issued, the shares will have a hold period expiring 4 months and one day after their date of issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange ("TSXV").
Further to its news release of July 26, 2019, in which the Company disclosed a shares for services agreement it had entered into with AGORACOM dated July 15, 2019, the Company advises that to date it has issued to AGORACOM 147,656 common shares having a hold period expiring on December 27, 2019, and 138,970 common shares having a hold period expiring on March 19, 2020. Under the terms of the agreement, the Company is required to issue an additional 278,438 common shares to AGORACOM, which it proposes to do upon receipt of TSXV approval. When issued, the 278,438 shares will have a hold period expiring 4 months and one day after their date of issuance in accordance with applicable securities laws and the policies of the TSXV.
With the initial 2019 agreement terminating July 15, 2020, the Company entered into a new shares for services with AGORACOM on July 27, 2020. Under the new agreement, AGORACOM will continue to provide advertising services to American Creek until July 30, 2021. In consideration for its services, the Company will pay AGORACOM a total of $45,000 + GST, payable in quarterly instalments. Subject to approval of the TSXV, the Company intends to issue common shares to AGORACOM for the services provided. The number of shares issuable and the share price will be determined at the market price of the Company's common shares at the time the quarterly payments are due, in compliance with the policies of the TSXV.
About American Creek
American Creek holds a strong portfolio of gold and silver properties in British Columbia.
Three of those properties are located in the prolific "Golden Triangle"; the Treaty Creek joint venture project with Tudor Gold (Walter Storm) as well as the 100% owned past producing Dunwell Mine and the 100% owned D1 McBride.
The Company also holds interests in the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side, and Glitter King properties located in other prospective areas of the province.
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 release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64750