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Message: NEWS!: Kodiak Exploration acquiring Sturgeon Bridge claims

NEWS!: Kodiak Exploration acquiring Sturgeon Bridge claims

posted on Dec 06, 2007 11:27AM

Don't think this is it though! :D

red911

Kodiak Exploration acquiring Sturgeon Bridge claims

2007-12-06 16:23 ET - Property Agreement

The TSX Venture Exchange has accepted for filing an option agreement dated Nov. 20, 2007, between Kodiak Exploration Ltd., Fred Checkley and Amede Lafontaine, whereby the company will acquire a 100-per-cent interest in four mineral claim units known as the Sturgeon Bridge mineral claims located in the Legault township of Ontario.

Total consideration consists of $210,000 in cash payments or the equivalent amount in shares of the company, at the option of the company, as follows.

                                          Cash

Within three days of exchange acceptance   $10,000
Within one year of exchange acceptance     $20,000
Within two years of exchange acceptance    $40,000
Within three years of exchange acceptance  $60,000
Within four years of exchange acceptance   $80,000

In addition, there is a 3-per-cent net smelter return relating to the acquisition. The company may at any time purchase 1 per cent of the net smelter return for $500,000 and an additional 1 per cent for an additional $1-million in order to reduce the total net smelter return to 1 per cent.

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