American Creek enters amended deals for 3 properties

Sep 29, 2020

2020-09-28 16:20 ET – News Release

Mr. Kelvin Burton reports

AMERICAN CREEK AMENDS PROPERTY OPTION AGREEMENTS & ENTERS INTO NEW SERVICES AGREEMENT WITH Agoracom

American Creek Resources Ltd. has entered into amended and restated property option agreements with respect to the Silver Side property, the Ample Goldmax property and the Glitter King property. The terms of the original property option agreements were previously announced on Sept. 14, 2016, to Sept. 15, 2016. The company had defaulted on some option payments under the old agreements and consequently the renegotiated amended and restated agreements bring the options back in good standing. Pursuant to the amended and restated option agreements, in order to exercise the options and acquire a 100-per-cent interest in the properties (subject to the royalties described in the company’s news releases dated Sept. 14, 2016, to Sept. 15, 2016), the company will be required to pay a $2,500 extension fee per agreement and (i) with respect to the Silver Side property, issue 250,000 common shares to the owners of the property on or before Oct. 2, 2020, make cash payments to the owners totalling $50,000 by Sept. 21, 2021, and conduct a total of $85,000 in exploration work on the property by Sept. 22, 2022; (ii) with respect to the Ample Goldmax property, issue 550,000 common shares to the owners on or before Oct. 2, 2020, make cash payments to the owners totalling $45,000 by Sept. 21, 2021, and conduct a total of $200,000 in exploration work on the property by Sept. 22, 2022; and (iii) with respect to the Glitter King property, issue 350,000 common shares to the owners on or before Oct. 2, 2020, make cash payments totalling $50,000 by Sept. 21, 2021, and conduct a total of $80,000 in exploration work on the property by Sept. 22, 2022. The company expects to issue a total of 1.15 million common shares to the owners of the properties within the next week as required under the terms of the amended and restated agreements. When issued, the shares will have a hold period expiring four months and one day after their date of issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

Further to its news release of July 26, 2019, in which the company disclosed a shares-for-services agreement it had entered into with Agoracom dated July 15, 2019, the company advises that to date it has issued to Agoracom 147,656 common shares having a hold period expiring on Dec. 27, 2019, and 138,970 common shares having a hold period expiring on March 19, 2020. Under the terms of the agreement, the company is required to issue an additional 278,438 common shares to Agoracom, which it proposes to do upon receipt of TSX Venture Exchange approval. When issued, the 278,438 shares will have a hold period expiring four months and one day after their date of issuance in accordance with applicable securities laws and the policies of the TSX-V.

With the initial 2019 agreement terminating July 15, 2020, the company entered into a new shares-for-services deal with Agoracom on July 27, 2020. Under the new agreement, Agoracom will continue to provide advertising services to American Creek until July 30, 2021. In consideration for its services, the company will pay Agoracom a total of $45,000 plus GST, payable in quarterly instalments. Subject to approval of the TSX-V, the company intends to issue common shares to Agoracom for the services provided. The number of shares issuable and the share price will be determined at the market price of the company’s common shares at the time the quarterly payments are due, in compliance with the policies of the TSX-V.

About American Creek Resources Ltd.

American Creek holds a strong portfolio of gold and silver properties in British Columbia.

Three of those properties are located in the prolific “Golden Triangle”; the Treaty Creek joint venture project with Tudor Gold (Walter Storm) as well as the 100-per-cent-owned past-producing Dunwell mine and the 100-per-cent-owned D1 McBride.

The company also holds interests in the Gold Hill, Austruck-Bonanza, Ample Goldmax, Silver Side and Glitter King properties located in other prospective areas of the province.

https://www.americancreek.com/