Saturn Minerals Inc. has executed a Letter of Intent (LOI) with Bayhorse Silver Inc. (Bayhorse) whereby Bayhorse can earn 50% of Saturn's 50% interest in the 253,920 acre EP-71, the Little Swan oil & gas prospect (Little Swan) in Saskatchewan's northern Williston Basin.
As per the terms of the LOI, Saturn and Bayhorse will enter into a Formal Agreement whereby Bayhorse will make equalization payments to Saturn totaling $600,000, issue 500,000 shares of Bayhorse to Saturn and assume Saturn's 2014-2015 seismic costs on Little Swan for $230,000 as per the following schedule:
A $50,000 non-refundable deposit to Saturn upon execution of the LOI (received)
An installment payment of $150,000 payable within (10) ten business days of the TSX Venture Exchange ("TSX") approval
Issue 500,000 shares of Bayhorse Silver Inc. to Saturn within (2) two business days of TSX approval
An additional $200,000 payment on or before 90 days after TSX approval
A final $200,000 payment on or before 180 days after TSX approval