|
|
|
|
|
|
|
NEWS
|
|
INDUSTRY NEWS
July 12, 2005
Cooper Minerals Senore property agreement
The TSX Venture Exchange has accepted for filing Cooper Minerals Inc.'s change
of business and related transactions, all as principally described in its filing
statement dated June 6, 2005. As a result of the completion of the COB,
effective at the open on July 13, 2005, the company will resume trading. The COB
includes the following matter, which has been accepted by the exchange:
Acquisition of 50-per-cent interest in the Senore gold property, Quebec
Pursuant to an agreement dated Feb. 25, 2005, between the company, Thelon
Ventures Ltd. and Peter Bambic, the company has acquired an option to acquire a
50-per-cent interest in the Senore gold property. Thelon is an exchange-listed
mining issuer at arm's length to the company. Bambic is an individual (resident
in Hull, Que.) at arm's length to the company. The property is currently owned
by Mr. Bambic and Thelon holds an option to acquire a 100-per-cent interest in
the property from Bambic pursuant to an agreement dated Oct. 22, 2003.
The property consists of 17 claims covering an area of 728.67 hectares, located
22 kilometres northeast of the town of Val d'Or, Que. The property is an
exploration stage mineral resource property with gold being the principally
targeted natural resource.
In order to earn a 50-per-cent interest in the property, the company must: (i)
make total cash payments to Thelon of $145,000 by Oct. 15, 2007; (ii) issue a
total of 200,000 common shares to Thelon by Oct. 15, 2007; and (iii) incur total
exploration expenditures of $900,000 on the property by Oct. 15, 2007. In the
event that Thelon fails to fulfill its obligations under the underlying
agreement, the agreement allows the company the opportunity to still exercise
its option by dealing directly with Mr. Bambic instead of Thelon. In such
circumstances, the company will no longer be obligated to make any remaining
payments to Thelon under the agreement and will instead make payments to Mr.
Bambic which, in total, will not exceed: (i) $130,000 in cash; and (ii) 250,000
common shares.
There is no finder's fee payable in respect of the transaction.
Insider/pro group participation: none
The exchange has been advised that the transactions involved with the change of
business were approved by the written consents of shareholders holding, in
total, in excess of 50 per cent of the company's issued and outstanding common
shares. For additional information, please refer to the company's filing
statement which is available on SEDAR.
WARNING: The company relies upon litigation protection for "forward-looking"
statements.
Go back to the previous page
|
|
DEUTSCH