Trading Symbol: TSX-V OAK Trading Symbol: TSX-V SGX
TORONTO, Dec. 22 /CNW/ - Sheltered Oak Resources Corp. ("OAK"), through its 100% owned subsidiary Sheltered Oak Resources Inc. and Sage Gold Inc. ("SAGE") announced today that further to an announcement on September 28, 2009, the parties have closed the acquisition by OAK of a 100% interest in Sage's unpatented claims and leasehold interests in the Larder Lake Mining District in Kerrs Township in the Abitibi Greenstone Belt of Ontario (the "Kerrs Gold Property"), subject to registration of the transfers with various government offices.
In consideration thereof Sage received 2 million common shares of OAK and $500,000 in cash to be paid to Sage on or before December 22, 2010 as a deferred purchase price. OAK's obligation to pay the deferred purchase price is secured by a charge on the Kerr's Gold Property. Sage will receive a 2% Net Smelter Royalty on the Kerrs Gold Property of which 1% can be purchased from Sage by OAK at any time for $500,000. OAK will also pay to Sage an advance royalty payment of $125,000, payable in five annual instalments with the first payment due on December 22, 2011.
As previously disclosed, unpatented mining claim L1140877 was relieved from forfeiture on December 21, 2009 and was included in the Kerrs Gold Property transfer to OAK.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE SHELTERED OAK RESOURCES CORP.
For further information: For further information: Sheltered Oak Resources Corp., Robert Hanson, CEO, Tel: (905) 827-5414, Fax: (905) 847-9575; Sage Gold Inc., Nigel Lees, President and CEO, Tel: (416) 204-3170, Fax: (416) 260-2243; For OAK, Christopher Haldane, Account Manager, CHF Investor Relations, Tel: (416) 868-1079 Ext. 237, Email: firstname.lastname@example.org