| Nubian Finalizes Due Diligence to Acquire 100% of the Esquilache Silver-Lead-Zinc Project, Southern Peru from Zinc One Resources | |
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ABBOTSFORD, BC , Nov. 28, 2017 /CNW/ - Nubian Resources Ltd. (the "Company") (TSX VENTURE: NBR) announces that the Company has completed its due diligence on the acquisition of the Esquilache silver-lead-zinc project comprising the historical Esquilache underground lead-zinc mine and adjacent Virgen de Chapi prospect located in the Puno Department of Southern Peru from Zinc One Resources Inc. ("Zinc One"). Under the terms of the letter of intent ("LOI"), announced on September 19 th the entry into the definitive purchase agreement was to take place on November 24 th, however given the additional time required to complete the due diligence process, Nubian and Zinc One have agreed to extend the entry into the definitive purchase agreement to December 22, 2017 . Nubian has advanced $25,000 thus reducing the cash amount owing on closing from $125,000 to $100,000 , which amount will be in addition to the $475,000 in common shares of the Company calculated on the volume weighted average price ("VWAP") for the 60 calendar days preceding the LOI date and four annual advanced Net Smelter Royalty (NSR) payments of $162,500 , as outlined in the LOI. The Project is subject to a 2% NSR of which Nubian will have the right to purchase 1% for $500,000 at any time, until the third anniversary of the first sale of gold, silver or concentrate. View original content with multimedia: http://www.newswire.ca/en/releases/archive/November2017/28/c7585.html |
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Nubian Resources Ltd. is based in Canada. Nubian Resources Ltd. is listed in Canada. Its market capitalisation is CA$ 1.4 millions as of today (US$ 1.0 millions, € 976 898). Its stock quote reached its lowest recent point on June 17, 2016 at CA$ 0.01, and its highest recent level on August 07, 2020 at CA$ 0.69. Nubian Resources Ltd. has 17 780 000 shares outstanding. |