6 September 2018
Silver Range Resources Ltd. announces that it has entered into an agreement with Rover Metals Corp. and Panarc Resources Ltd. amending the terms of Rover’s option to acquire a 100% interest in the Up Town Gold Property. The Amending Agreement extends the timeframes within which Rover must incur expenditures on the Property and make payments to Silver Range. Pursuant to the Amending Agreement, Rover must make the following payment to Silver Range in order to exercise the First Option and acquire a 75% undivided interest in the Property:
•$45,000 by September 9, 2018;
•another $45,000 by April 30, 2019 (payable in cash or shares at the option of Rover); and
•a further $120,000 by February 2020.
The Amending Agreement also provides for an amendment to the terms upon which Rover can exercise the Second Option to acquire an additional 25% undivided interest in the Property. Rover can exercise the Second Option by issuing to Silver Range on or before September 30, 2020 the lesser of (a) 4.5% of its outstanding common shares, on a fully-diluted basis, or (b) 2,500,000 common shares.