Vantex Acquires 100% of the Perron Property
The management of Vantex Resources Ltd. announce that it acquired 100% of the Perron property, located south of the Galloway Project.
Following an initial agreement with the company 9189-9419 Quebec Inc. (The “Seller”) Vantex Resources Ltd. had to invest a sum of $ 250,000 in work over the next few years to acquire 40% interest in the property but due to a renegotiation, the seller sells its 100% interest in exchange for 1 million shares of the company.
Also, on the basis of a positive feasibility study, Vantex will have to pay a sum of $ 100,000 to the seller and an additional $ 500,000 if the project is put into production together with the royalty payment of $ 1 per ounce produced annually.
The Perron property is located in south-western extension of the Pitchvein Galloway zone.