April 24, 2023 – Vancouver, BC and Hong Kong, China – Reyna Silver Corp. (TSXV: RSLV;
OTCQX: RSNVF; FRA: 4ZC) (“Reyna” or the "Company") is pleased to announce that it has
reached an agreement to amend the terms of the option agreement dated August 20, 2017, as
amended by agreements dated July 29, 2020, September 28, 2020, July 14, 2021, and November
21, 2022 (collectively, the “Option Agreement”), with Messrs. Stephen Sutherland and Herb Duerr
(collectively, the “Optionors”), pursuant to which Reyna has the option to acquire a 100% interest
in the Optionors’ Medicine Springs Project located in Nevada, USA (the “Property”). The Option
Agreement was previously between the Optionors and Northern Lights Resources Corp. (“NLR”),
and Reyna acquired and assumed NLR’s interest in and to the Option Agreement and the
underlying Property pursuant to an option interest acquisition agreement dated December 14, 2022
(the “Acquisition Agreement”), between NLR and Reyna. Further details of the Acquisition
Agreement are disclosed in the Company’s news releases of December 15, 2022, and January 5,
2023. The amendments to the Option Agreement were effected by way of an amendment dated
March 30, 2023 between Reyna and the Optionors (the “Amendment”).
“We are pleased that Herb Duerr and Stephen Sutherland believe in Medicine Springs enough
to amend the option agreement terms by reconfiguring the obligations so that more money can
go into the ground, and taking some equity in lieu of cash,” said Jorge Ramiro Monroy, CEO of
Reyna Silver. “Herb and Stephen have almost 100 years of combined experience and
involvement with success stories in Nevada and Arizona - including Alligator Ridge and
Sunnyside. We are gratified our focus on high-grade, district-scale projects aligned with their
focus on identifying extensive systems with big alteration. This is why both parties look forward to drilling at Medicine Springs in 2023, building upon the reconnaissance drilling in 2022.”
Under the Option Agreement, in order to exercise the option, NLR was required to make cash payments in the aggregate of US$950,000 to the Optionors, issue common shares of NLR to the Optionors having a total aggregate value of US$100,000, make an additional cash payment of US$150,000 to the Optionors in lieu of the issuance of common shares of NLR having an aggregate value of US$150,000 to the Optionors, and make a total aggregate minimum expenditure on the development of the Property of US$2,700,000. NLR was also required to make a payment of US$24,800 to maintain the mineral claims included in the Property.
The Amendment amends these obligations as follows:
see & read more on
https://reynasilver.com/system/uploads/RS-PressRelease-20230424.pdf