Tuesday, January 17, 2012 5:52:27 PM
To exercise the option, the Company will (a) issue 1,787,000 common shares on or before 90 days from the date of the agreement (i.e. September 9, 2011); (b) pay IMPACT $1,955,200 on the earlier of (i) two years from the agreement date and (ii) the date the Company begins the commercial processing of ore at the Mill.
The first day of commercial processing of ore at the Mill is defined as the first day after the Mill has achieved production averaging 160 tonnes per day over a 30 day period. This agreement remains subject to approval by the TSX Venture Exchange.
DEFIANCE SILVER CORP.
(formerly Defiance Capital Corp.)
CONSOLIDATED FINANCIAL STATEMENTS
(An Exploration Stage Company)
JUNE 30, 2011
http://www.defiancesilver.com/i/FinancialStatements/DefianceAudited2011_FSJune30YearEnd.pdf
See also
FORM 51-102F1
MANAGEMENT’S DISCUSSION & ANALYSIS
For the year ended June 30, 2011
http://www.defiancesilver.com/i/FinancialStatements/DefianceMDAJune30_11YearEnd.pdf
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