Key Developments: Avanti Energy Inc (AVN.V)

Yale Resources Ltd To Option Out Orofino With Overlord Capital Ltd.
Wednesday, 19 Oct 2011 08:01am EDT 

Yale Resources Ltd announced that it has signed and formalized an Option Agreement with Overlord Capital Ltd., a Capital Pool Company – for Yale’s wholly owned Orofino Property located in Sonora State, Mexico. The transaction is intended to be Overlord’s Qualifying Transaction. Under the terms of the Option Agreement, in order to earn up to a 70% interest in the property, Overlord will be required to pay Yale $100,000, issue to Yale 1,300,000 shares in Overlord, and incur a total of $2,350,000 in exploration expenditures on the Property over a four year period. Overlord must pay Yale $50,000 and issue 50,000 common shares upon receipt of Venture Exchange approval to the proposed qualifying transaction. Subsequent share issuances of 500,000, 150,000, 350,000 and 250,000 shares on the first, second, third, and fourth year anniversaries will also be due in order to keep the Option Agreement in good standing. The first year’s requirement will be $200,000 in exploration expenditures followed by a further $400,000 in the following year, $750,000 in the third year and $1,000,000 in the final year of the Option Agreement. Yale will be the initial operator and will manage exploration on the property.  Full Article