Vancouver, British Columbia – March 7, 2022 (Newsfile Corp.) (Investorideas.com Newswire) StraightUp Resources Inc. (CSE: ST) (OTCQB: STUPF) (“StraightUp” or the “Company”) is pleased to announce that it has entered into a Purchase Option Agreement dated January 20, 2022 (the “Purchase Option Agreement”) with each of 1544230 Ontario Inc. on behalf of Perry English and Gravel Ridge Resources Ltd. (together the “Optionors”) providing the Company the exclusive right and option (the “Option”) to acquire from the Optionors a 100% undivided interest in the Ranger/Otter mining project located in Red Lake, Ontario (the “Project”) subject only to a 1.5% net smelter returns royalty (the “NSR”) in favour of the Optionors. The Company has the right to buy back 1/3 of the NSR (0.5%) for $500,000 and has a right of first refusal with respect to any sale of the NRS.
Figure 1 – StraightUp Resources Inc. expands RLX Projects with Ranger/Otter Claims to the Northeast
Pursuant to the terms and conditions set forth in the Purchase Option Agreement, the Company will pay to the Optionors collectively the sum of $72,000 (the “Cash Payments”) as follows:
$12,000 upon signing of the Purchase Option Agreement (the “Initial Payment”);
an additional $14,000 on the first anniversary of the Initial Payment;
an additional $18,000 on the second anniversary of the Initial Payment; and
an additional $28,000 on the third anniversary of the Initial Payment;
The Company shall also issue to the Optionors 200,000 common shares at a deemed price of $0.20 per share upon signing of the Purchase Option Agreement.
StraightUp’s President and Director, Mr. Mark Brezer, said, “We are pleased to further our position in Ontario’s Red Lake Mining District, especially now, given the rapid acceleration of exploration activity and large cap miners interest in the region. These new claims expand our flagship RLX Project, surrounding the Great Bear Resources Sobel Project, by over 10 percent.”
Figure 2 – StraightUp Resources Inc.- Red Lake District Projects 2022
StraightUp Resources Inc. and Premier Silver Corp. have extended the Right of Exclusivity Agreement, announced on October 26, 2021, for an additional 60 days.
About StraightUp Resources
StraightUp is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic, precious and base metal properties of merit. StraightUp intends to conduct exploration on the RLX North, RLX South, Belanger and the Ferdinand Gold Property, all located in the Red Lake Mining Division as well as the recently acquired Bear Head Gold Project, located within the Meen-Dempster Greenstone Belt of the Uchi Subprovince, approximately 80km west of the Pickle Lake Gold Camp. The Company’s recently acquired West Cat Mine includes an Unpatended Mining Claim on Federal Land, located in the Historic Beatty Mountain Nevada Mining District / Nye County Nevada about 15 km east of US-95, approximately 20 km from Beatty, Nevada at the base of the Bare Mountain Range.
On Behalf of the Board of Directors
Mark Brezer, President and Director
For further information, please contact:
President and Director
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release).
This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com