Power Group Projects Corp Announces Agreement With RJK Explorations Ltd and Director Changes
13 November 2019 - 5:08PM
Power Group Projects Corp. (the “Company” or “Power Group”) (TSX V:
PGP, OTC Pink Sheets: CBBWF), is pleased to announce that they have
entered into an agreement with RJK Explorations Ltd and has made
changes to its Board of Directors.
The Exploration Agreement with RJK
Explorations (“RJK”):
The term of the agreement shall be for a period of
three years from the date of acceptance. RJK will have the
right to identify, sample and drill test with one diamond drill
hole, any identified potential Kimberlite targets within the
Power Group Projects Corp (“Power Group”)
land position, (Phase One).
Should RJK determine to continue following its
initial Phase One on any and each identified target, then RJK
and Power Group would enter into a Participating Joint –
Operating Agreement whereby RJK would have a 60% interest and Power
Group would have a 40% interest, with RJK being the operator.
RJK would then provide Power Group with a Phase Two
exploration budget at which time Power Group will have 60 days
to agree to participate. RJK will place their 60% of the
proposed budget into a lawyer’s trust account for the 60 days until
the joint venture is triggered.
Should Power Group decide not to participate
then it will be reduced to a carried 1.5% Gross Overriding Royalty
Return (“GORR”). One half (50%) of the 1.5% GORR can be purchased
by RJK for $1,000,000. If RJK finds mineralized zone(s) other
than a Kimberlite, the structure of the agreement will be 50% RJK
and 50% Power Group with being the operator. Power Group
would then provide RJK Explorations with a Phase Two
exploration budget at which time RJK will have 60 days to
agree to participate. Power Group will place their 50% of the
proposed budget into a lawyer’s trust account for the 60 days until
such time the joint venture is triggered.
Should RJK decide not to participate, then it
will be reduced to a carried 1.5% Net Smelter Royalty (“NSR”) of
which one half (50%) of the 1.5% NSR can be purchased by Power
Group for $1,000,000. Should Power Group as the operator
decide not to participate then they will be reduced to a carried
1.5% NSR of which one half (50%) can be purchased by RJK for
$1,000,000. Subject to Phase Two exploration by RJK, a two
(2) kilometer area of interest surrounding the identified
kimberlite, subject to claim availability, would be made available
for exploration and development by Power Group.
On October 15, 2019 Power Group announced that John
Dyer CPA, CMA., has been elected to PGP’s Board of Directors to
replace Glenda Kelly and has been appointed to the position of
Interim Chief Executive Officer (“CEO”) of Power Group, effective
immediately. Randy Koroll will replace Chris Hopkins as
Director and Chief Financial Officer (“CFO”) of the Company.
"The Board of Directors thanks Glenda and Chris for
their service to Power Group," said John Dyer, Interim CEO, "We
wish them well in their future endeavors."
John Dyer:Mr. Dyer, CPA, CMA has
over 30 years of financial management experience including chief
financial officer roles in both private and public companies,
controller roles and public practice accounting. As a Chartered
Professional Accountant, Mr. Dyer has wide ranging experience in
various industries including manufacturing, construction,
technology, non-profit, mining, financial institutions and
insurance. He also has extensive knowledge in systems technology
and software and has led teams in turning around distressed
companies.
Randy Koroll:Mr. Koroll is an
experienced Chief Financial Officer with a demonstrated history of
successfully taking companies public on the TSX-V and guiding
companies in financial distress. His 30+ years of accounting
experience ranges from his current position as CFO for a
Pharmaceutical company to similar positions in an Orthotics
manufacturer with clinics in Ontario and Quebec, the mining
industry, finance and airlines/aviation industries. He is skilled
in Investor Relations, Accounting, IPO’s, Corporate Development,
and Mergers & Acquisitions.
About Power Group Project
Corp.
Power Group Projects Corp. is a publicly traded
Canadian exploration company listed on the TSX-Venture Exchange and
U.S. Pink Sheets (TSX-V: PGP, OTC Pink: CBBWF) focused on energy
metals. The Company has made a series of strategic property
acquisitions over the past two years seeking cobalt mineralization
near Cobalt, Ontario, a region with a long history of silver and
associated cobalt production, and now in the Athabasca basin of
Saskatchewan. The Cobalt Properties are held in a 100% wholly owned
subsidiary named Cobalt Power Group Ltd. with holdings totaling
approximately 19,826 hectares (48,991 acres) in contiguous and
strategic claim blocks.
There are several historic mining operations on the
properties that are potentially accessible, including the Smith
Cobalt shaft and its underground workings.
For further
information: John Dyer, CEO, Tel: 647
946-2192
CAUTIONARY
STATEMENT:
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this
release.
This news release may contain forward-looking
statements that are subject to risks and uncertainties. All
statements within, other than statements of historical fact, are to
be considered forward-looking. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. There can be
no assurances that such statements will prove accurate and, readers
are advised to rely on their own evaluation of such uncertainties.
We do not assume any obligation to update any forward-looking
statements except as required under the applicable laws.
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