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Quadro to acquire Benton JV's gold property in Newfoundland

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Quadro to acquire Benton JV's gold property in Newfoundland

Quadro Resources Ltd. said June 7 that it signed an option with Metals Creek Resources Corp. and Benton Resources Inc. to fully acquire their Staghorn gold property in Newfoundland, Canada, as well as all rights to the newly optioned adjacent Rose property.

Under the option agreement, Quadro must complete a 1-for-2 share consolidation, settle outstanding debts and payables, complete a minimum C$1 million financing, and issue 4 million post-consolidation shares each to Metals Creek and Benton.

Quadro will also assume all obligations under the Rose gold property option, in which the property's optionor agreed to accept 450,000 shares of Quadro in lieu of the 225,000 common shares each of Metals Creek and Benton.

Furthermore, Metals Creek and Benton will receive net smelter royalties ranging from 2% to 3% on the various parts of property.