DIEPPE, NB, Nov. 26, 2019 /CNW/ - (CBI-TSXV) Colibri
Resource Corporation ("Colibri" or the "Company") wishes to
announce that Tocvan Ventures has completed all necessary due
diligence and has finalized their option agreement dated
September 22nd with
Colibri. The agreement allows Tocvan to acquire 51% interest in the
Pilar project located in Sonora
Mexico.
Under the terms of the agreement Tocvan has now advanced the
first year's cash payment of $125,000
to Colibri and issued 2,000,000 common shares of Tocvan to Colibri.
Under the terms of the agreement Tocvan must now complete
$2,000,000 of exploration on the
property over five years, advance Colibri an additional
$275,000 over the 5-year period with
$50,000 due on the 1st
anniversary date of the agreement and $75,000 due on the 3rd, 4th
and 5th anniversary dates. Tocvan will also issue an
additional 1,000,000 shares of the corporation to Colibri on the
3rd, 4th and 5th anniversary
dates.
Once the above is satisfied Tocvan will have earned a 51%
interest in the property and have the option to acquire the
additional 49% interest by making a further $2,000,000 payment to Colibri and issuing a 2%
NSR within 6 months of fulfilling the obligations listed
above.
Mark Smethurst, a Director of
Tocvan, commented: "The Pilar property has the right features
and system to allow for great potential in defining a
multimillion-ounce property."
Ian McGavney, Colibri's COO
states: "The conclusion of this deal is significant for Colibri
as the Company can now firmly focus on advancing its highly
prospective Evelyn and El Mezquite
gold projects to drilling phases. Colibri will continue to hold a
significant interest in Pilar by way of owning a material amount of
Tocvan shares and not need to dilute its own share structure to
appreciate its upside."
Colibri management anticipates near term news releases
highlighting structure, mineralization and its path to drilling at
Evelyn.
About Colibri Resource Corporation:
Colibri is a Canadian-based mineral exploration company listed
on the TSX-V (CBI) focused on acquiring and exploring properties in
Mexico. The Company currently has
five active exploration properties at various stages of
exploration.
For more information about all of our projects please visit:
www.colibriresource.com.
We seek safe harbour.
SOURCE Colibri Resource Corporation
