Waymar Resources Ltd Announces Exercise of Option on Anza Property; Enters Into Loan Agreement
Waymar Resources Ltd announce that it has made the final option cash payments aggregating USD2,000,000 and issued 2,000,000 common shares to the optionors and has exercised its option to acquire 100% interest in the Anza Property, Colombia. Pursuant to the Anza Property Option Agreement made effective June 29, 2010, the Company entered into a property option agreement to acquire a 100% legal and beneficial interest in the Anza property comprised of approximately 6,738 hectares of mineral rights located on the eastern-most margin of Colombia's Western Cordillera, 50 km west of Medellin. In order to exercise its option, the Company paid USD3,800,000 over a three year period, issued 3,800,000 common shares to the optionors over a three year period and made expenditures on the property in excess of USD4,000,000 over a three year period. The optionors will retain a 2% net smelter return royalty on the property, 50% of which may be purchased by the Company for USD1,000,000. The Company also announced that it has entered into a loan agreement with Continental Gold Limited by issuing a USD500,000 promissory note. The promissory note is non-interest bearing with a maturity date of March 1, 2014 and is secured by registration of a general security agreement over the Company's personal property.
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