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Cloudbreak Discovery PLC - Vancouver, Canada-based natural resource project generator - Notes Power Group Projects Corp has signed a letter of intent with 1315843 BC Ltd, Cloudbreak's exploration partner on the Atlin West project in British Colombia, to acquire all of the outstanding shares in 1315843 BC.
Power Group can acquire 75% of the Atlin West project over a three year period by issuing 3 million shares to Cloudbreak, pay CAD325,000 in cash and spend CAD700,000 on exploration costs.
Chief Executive Officer Kyler Hardy says: "We are pleased to see the management of 1315843 BC. entering into this agreement with Power Group Projects Corp. Having the resulting issuer listed on the TSX Venture Exchange will greatly aid in securing additional capital for the advancement of the projects and we believe the management of PGP will be exceptional partners to have on this asset."
Current stock price: 1.85 pence
Year-to-date change: down 59%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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