Acero-Martin Exploration Inc.: Letter of Intent, Revised Terms of $0.05 Per Unit Non-Brokered Private Placement, Change in Board
22 6월 2009 - 9:30PM
Marketwired
Acero-Martin Exploration Inc. (the "Company") (TSX VENTURE:
ASD)(FRANKFURT: AMX) is pleased to announce that it has entered
into a Letter of Intent ("LOI") with Solitaire Minerals Corp. (TSX
VENTURE: SLT), as announced by Solitaire Minerals Corp. pursuant to
their press release of June 22, 2009.
Pursuant to the terms of the LOI, Solitaire Minerals Corp.
("Solitaire") will acquire up to a 75% interest in the Company's
Pinaya Gold/Copper Deposit located in southern Peru as well as the
Minas Lucho Property and the La Mamita Property for incurring
exploration costs totaling US$6,400,000, plus a payment to the
Company of US$2,400,000 on or before December 31, 2012. Pursuant to
this transaction, the Company will retain a 1.5% net smelter
royalty. The final LOI will be subject to regulatory approval, and
a final definitive agreement.
The Company also wishes to announce that due to its transaction
with Solitaire, it will reduce the number of units offered pursuant
to its June 11, 2009 press release, from 40,000,000 Units to
10,000,000 Units. The remaining terms of the placement, as
announced, remain unchanged in that these units are being offered
at $0.05 per unit with each unit consisting of one common share and
one share purchase warrant, with every two full warrants
exercisable for one common share at $0.06 per share for a six month
period. The proceeds of this private placement will be used for
general working capital. There may be a finder's fee payable in
relation to this private placement and the same is subject to
regulatory approval.
The Company further wishes to announce that Jack Bal and Donald
Wedman, P. Eng., have joined its Board of Directors, effective
immediately, with the resignations of Victor L. McCall and Don
Currie. Mr. Bal is the President of Journey Resources Corp. and Mr.
Wedman is the President of CMC Metals Ltd. Both Messrs. Bal and
Wedman bring many years of business expertise in public companies,
specifically mining companies, to the Company.
This news release was prepared on behalf of the Board of
Directors, which accepts full responsibility for its contents.
On behalf of the Board:
Michael C. Scholz, Chairman and Director
ACERO-MARTIN EXPLORATION INC.
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.
Contacts: Acero-Martin Exploration Inc. Investor Relations
1-877-646-0067 (604) 646-0640 (FAX) info@acero-martin.com
www.acero-martin.com
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