Strategic Metals Ltd. Announces Early Warning Report Filing Regarding Its Shareholdings in Precipitate Gold Corp.
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/11/12 -- Strategic Metals Ltd. (TSX VENTURE: SMD) ("Strategic") announces that it has been issued 5,068,827 common shares of Precipitate Gold Corp. ("Precipitate") as partial consideration for the granting by Strategic to Precipitate of an option entitling Precipitate to acquire a 100% interest in Strategic's Fireside Project, located in the Watson Lake Mining District, Yukon Territory and in northern British Columbia. Strategic will retain a 2% net smelter return royalty on all precious metals commercial production and a 1% net smelter return royalty on all non-precious metals commercial production from the property. To exercise the option, Precipitate was required to pay $300,000 to Strategic and must incur a total of $2,000,000 in exploration expenditures by December 31, 2013, of which $425,000 has already been incurred.
Of the 5,068,827 Precipitate shares held by Strategic, a total of 1,222,460 shares are subject to a two year escrow period. 20% of these shares were released from escrow on the listing of Precipitate's shares on the TSX Venture Exchange (the "Exchange") on May 29, 2012, with an additional 20% to be released from escrow every six months thereafter. The remaining 3,846,367 shares are subject to a three year escrow agreement, with 10% having been released from escrow on the listing of Precipitate's shares on the Exchange, with an additional 15% to be released every six months thereafter.
Prior to the issuance of these shares, Strategic did not hold any Precipitate shares. The 5,068,827 Precipitate common shares acquired by Strategic at closing represent 19.9% of Precipitate's current issued capital. All of these shares will be held directly by Strategic and are being held for investment purposes. Strategic may in the future take such actions in respect of its Precipitate shares as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of Precipitate through open market purchases or privately negotiated transactions, or the sale of all or portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers. Strategic also has the right to participate in future financings by Precipitate so as to maintain its percentage equity interest.
An early warning report regarding Strategic's shareholdings in Precipitate has been filed on SEDAR and is available at .
For additional information concerning Strategic Metals Ltd. please visit Strategic's website at .
CAUTIONARY NOTE: This news release includes certain "forward-looking statements". Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of Strategic are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those expected by Strategic are those risks described herein and from time to time, in the filings made by Strategic with Canadian securities regulators. Those filings can be found on the Internet at .
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:
Strategic Metals Ltd. - Corporate Information
W. Douglas Eaton
President and C.E.O.
(604) 688-2568
Strategic Metals Ltd. - Corporate Information
Bruce A. Youngman
Chairman
(604) 687-2522
Strategic Metals Ltd. - Investor Inquiries
Richard Drechsler
Corporate Communications
(604) 687-2522 or NA Toll-Free: (888) 688-2522
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Datum: 11.06.2012 - 16:03 Uhr
Sprache: Deutsch
News-ID 155150
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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