TORONTO, ON / ACCESSWIRE / November 21, 2019 / Razore Rock Resources Inc. ("Razore Rock" or the "Company") (CSE:RZR) wishes to announce that it will make application to extend the exercise date of 5,000,000 warrants currently exercisable until December 8, 2019 at $0.15 per share, issued pursuant to the private placement financing which closed on December 8, 2017, for a further two (2) years until December 8, 2021. There has been no change to the warrant exercise price.
The field program of prospecting and remote sensing by True North Gems Inc. ("True North") on the Company's True Blue property, announced on October 8, 2019, has been completed. The Company's share of expenses relating to this exploration program exceed $50,000. Results of the program will be announced when received from True North and analyzed.
Razore Rock can earn a 70% interest in the True Blue property by incurring expenditures in the aggregate amount of $300,000 over three years and issuing an aggregate of 600,000 common shares, of which 200,000 shares were issued on October 10, 2019; a further 200,000 shares are to be issued on or before November 30, 2020; and a further 200,000 shares are to be issued on or before November 30, 2021. The field program satisfies the first year's exploration commitment in respect of the True Blue property. Once the Company earns its 70% interest, the parties will form a joint venture and contribute pro-rata (Razore Rock 70%, True North 30%) to the further exploration and development of the Property. If a party is reduced to a 10% or less interest in the Property, that party's interest will be reduced to a 2% net smelter returns royalty with the right of the remaining party to acquire a 1% net smelter returns royalty at any time for the payment of $1,000,000.
For further information, please contact:
Bill Johnstone, Corporate Secretary
Telephone: (416) 865-6605
About Razore Rock Resources Inc.
Razore Rock Resources Inc. is a mineral exploration company focused on the acquisition, exploration and development of mineral resources.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this Press Release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Razore Rock Resources Inc.