Kensington Court Ventures Inc. and Stronghold Metals Inc. Enter Into Definitive Share Purchase Agreement
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/04/12 -- Kensington Court Ventures Inc. ("Kensington") (TSX: KCT), a capital pool company subject to the rules and policies of the TSX Venture Exchange (the "Exchange"), and Stronghold Metals Inc. ("Stronghold"), (TSX: Z)(OTCQX: SDMTF)(FRANKFURT: E9X), a Tier 2 Exchange listed issuer incorporated under the laws of British Columbia, are pleased to announce that further to Press Release made in August 2011, the companies have now entered into a Definitive Share Purchase Agreement, whereby Kensington will acquire 100% of the issued and outstanding quotas (shares) of Stronghold's wholly-owned subsidiary, Stronghold Brasil Mineracao Ltda. ("SBM") (formerly named Mineracao Vale Do Sonho Ltda) (the "Acquisition"). SBM, a private company incorporated under the laws of Brazil, currently holds a 100% interest in the Tucuma gold project which consists of six mineral concessions covering a total of 11,456.31 hectares located in the Carajas metallogenic province in the State of Para, Brazil. The Acquisition, if completed, will constitute Kensington's "qualifying transaction" (the "QT") under the policies of the Exchange.
It is anticipated that the closing of the Acquisition will occur on or before February 29, 2012.
In accordance with Exchange policy, the shares of Kensington will remain halted from trading on the Exchange until such time as the Exchange reinstates the shares for trading, which, depending on the policies of the Exchange, may not occur until the completion of the QT.
"The sale of the Tucuma property to Kensington Court provides shareholders of both Kensington and Stronghold an opportunity to realize the full potential of a very good property in a prolific region of Brazil," states Stronghold CEO, Yannis Tsitos. "Kensington will be able to dedicate its focus and resources on developing the Tucuma and other Brazilian gold properties while Stronghold maintains its focus on completing a new resource calculation leading to a Feasibility Study for its advanced project at Eagle Mountain, Guyana."
Kensington intends to commence exploration of the Tucuma property as soon as the Acquisition closes and use SBM and its technical and management team to build a portfolio of exploration and advanced stage gold properties in Brazil. Kensington intends to file a filing statement with the Exchange shortly. Further announcements will be forthcoming once the QT has been approved by the Exchange.
Completion of the QT is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement or other disclosure documents of Kensington to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Kensington should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
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:
Kensington Court Ventures Inc.
Greg Andrews
Chief Executive Officer
604-682-7314
604-682-7317 (FAX)
Stronghold Metals Inc.
Ioannis Tsitos
Chief Executive Officer
604-806-0916
604-806-0956 (FAX)
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Datum: 04.01.2012 - 14:00 Uhr
Sprache: Deutsch
News-ID 100983
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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