Monday, December 02, 2013 6:09:06 PM
Of course will only work if DHR can meet the cash call.
"The TSX Venture Exchange has accepted for filing a reoption agreement between Discovery Harbour Resources Corp. and Great Lakes Resources LLC. Under the reoption agreement, Great Lakes has granted to Discovery the option to acquire a 24-per-cent interest in the Wabassi joint venture, which has been granted to Great Lakes by Northern Shield Resources Inc. under an option agreement between Great Lakes and Northern Shield dated Nov. 11, 2013. The reoption to acquire the interest is exercisable until Feb. 28, 2014, by Discovery paying to Great Lakes the total amount Great Lakes has paid Northern Shield under the option agreement up to the date on which the reoption is exercised.
Under the option agreement, Northern Shield granted Great Lakes an option to acquire the interest by paying $400,000 to Northern Shield on signing of the option agreement, incurring $1.5-million in exploration expenditures by Dec. 31, 2014, and paying a further $600,000 to Northern Shield on exercise of the option. Upon Great Lakes exercising the option, the Wabassi joint venture will be jointly held by Discovery (51 per cent), Northern Shield (25 per cent) and Great Lakes (24 per cent). If the reoption is exercised, the Wabassi joint venture will be jointly held by Discovery (75 per cent) and Northern Shield (25 per cent).
Insider/pro group participation:Great Lakes is a private company controlled by Richard Gilliam, a director and significant shareholder of Discovery."
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