Recently TSX Venture Exchange announced that it accepted for filing documentation connected to an amended and restated option agreement between Challenger Development Corp. and Musadik Mohamed Ally ("MMA") and Najua Kassira ("NK"). Under this agreement dated January 20, 2010, Challenger Development was granted an option to acquire 70% interest in certain gold claims located in Tanzania.
MMA and NK will be the registered and beneficial owners of 100% of the issued and outstanding capital stock of the British Virgin Islands-incorporated company Harbour Green Investments Limited, which may incorporate and wholly own a private company under the laws of Tanzania to hold the gold claims. MMA and NK have agreed to grant Challenger Development an option to a 70% direct interest in the gold claims, or a 70% equity interest of this BVI-controlled private company. In order to earn the option, the company must: within five business days make a cash payment of $350,000 to MMA and NK; incur exploration expenditures on the gold claims in Tanzania, the first of which should be on or before November 30, 2010; and issue 2,000,000 of its common shares to MMA and NK.
