Bond Resources Signs LOI for rights to Mary K Property in Idaho

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Vancouver, British Columbia--(Newsfile Corp. - November 15, 2019) - Bond Resources Inc. (CSE:BJB) (the "Company" or "Bond") announces that it has signed a Letter of Intent ("LOI") dated November 14, 2019 with two arm's length individuals (together the "Assignors") whereby, in consideration of 57,000,000 shares (the "Consideration Shares") to be issued to the Assignors, Bond will acquire by way of assignment all of the contractual interests held by the Assignors in the mineral properties and related claims and property interests in a 450-acre parcel more commonly known as the Mary K. Property in the State of Idaho, USA. (the "Transaction").

The Proposed Transaction

The Assignors have negotiated the general terms and provisions whereby they have been granted the exclusive option to acquire over a period of five years, an undivided 90% right, title and interest in and to the Mary K. Property, free and clear of all charges, encumbrances, claims, royalties, or other interests except for a 5% State Royalty, for a total purchase price of US$10,000,000 (the "Purchase Price").

As consideration for the assignment, Bond will issue the Consideration Shares and assume all obligations of the Assignors to the Property owners, which include the following initial payments forming part of the Purchase Price:

  1. A non-refundable deposit of US$50,000 (paid);
  2. US$350,000 on or before December 25, 2019;
  3. US$100,000 on or before January 25, 2020; and
  4. US$100,000 on or before February 25, 2020.

The balance of the Purchase Price will be paid from revenues derived from operations on the Property and further financings if required.

Conditions Precedent to the Transaction

The completion of the Transaction will be subject to the satisfaction of certain conditions, including:

(a) Bond being satisfied with its due diligence within 45 days from the date of the LOI;

(b) Bond being able to negotiate a definitive option agreement with the Property owners;

(c) All necessary consents, approvals and other authorizations of the CSE, the Bond shareholders, and any third-parties being obtained.

(d) A change in directors or officers as directed by the Assignors;

(e) Bond raising at least Cdn$1,200,000 to cover the initial cash payments contemplated in the assignment.

Following regulatory and shareholder approvals, Bond Resources will issue 57,000,000 Bond Resources shares to the Assignors.

Private Placement

In conjunction with the Transaction, Bond will undertake a non-brokered private placement of up to $1,200,000 (the "Financing") through the issuance of up to 6,000,000 units (the "Units") at a price of $0.20 per Unit. Each Unit will be comprised of one common share and one-half of one common share purchase warrant ("Warrant"), with each whole Warrant entitling the holder to purchase one common share at a price of $0.40 per share for a period of 2 years. If after the expiry of all resale restrictions, the closing price of the Company's shares on the CSE is $0.60 or greater for a period of 20 consecutive trading days, the Company may give notice of an accelerated expiry of the Warrants.

Bond expects to pay finders' fees of not more than 8% in cash and 8% in half-warrants (with terms similar to the Warrants) in connection with the Financing.

The funds will be used to meet the initial cash requirements of the Transaction.


The Transaction was negotiated at arm's length. The Transaction will constitute a fundamental transaction under the policies of the Canadian Securities Exchange (the "CSE") including a change of control, and as such, it will require approval of the Exchange and a majority of the minority shareholders of Bond. It is expected trading of Bond's common shares on the CSE will be halted pending closing of the Transaction.

Further details regarding new management and the Mary K. Property will follow in subsequent news releases and the Information Circular to be prepared for shareholders' approval.


Signed "Robert Eadie"

Robert Eadie, President, Chief Executive Officer and Director


Telephone: 1-604-602-4935
Facsimile: 1-604-602-4936
Contact: Robert Eadie

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

This news release does not constitute an offer of sale of any of the foregoing securities in the United States. None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the ability to close the Transaction; the terms and conditions of the proposed Transaction; the terms and conditions of the proposed Financing; future work to be carried on the Property; use of funds; and the business and operations of Bond after the proposed Transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There is no assurance any of the forward-looking statements will be completed as described herein, or at all. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; operating and technical difficulties in connection with mineral exploration and development activities, lack of investor interest in the Financing; requirements for additional capital; future prices of gold and precious metals; changes in general economic conditions; accidents, delays or the failure to receive board, shareholder or regulatory approvals, including the required permits; results of current exploration and testing; changes in laws, regulations and policies affecting mining operations; and title disputes. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Bond Resources disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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