African Metals agreement to acquire Chevalier
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African Metals agreement to acquire Chevalier
The TSX Venture Exchange has accepted for filing documentation in connection with a share exchange agreement among African Metals Corp., Chevalier Resources Inc. and the shareholders of Chevalier dated Jan. 29, 2010. Under the agreement, the company will acquire all of the issued and outstanding securities of Chevalier, a private company incorporated in Canada, which has a wholly owned subsidiary, Luisha Mining Company Sprl, that holds a 57-per-cent interest in the Luisha project which consists of 20 parcels of land with an area of 16.2 square kilometres located 75 kilometres northwest of Lubumbashi, the capital of Katanga province, Democratic Republic of Congo. As consideration under the agreement, the company will issue one common share in exchange for each Chevalier share outstanding up to a maximum of 32.5 million shares and one common share purchase warrant in exchange for each Chevalier share purchase warrant outstanding up to a maximum of 700,000 share purchase warrants.
In connection with the acquisition, the company will pay a finder's fee to M Partners Inc., an arm's-length entity, equal to 1.5 per cent of the value of the consideration paid by the company, being a fee of $163,512, calculated by multiplying the 32.5 million shares being issued by the company by 33.5 cents (the deemed price of the company's shares under the agreement). The fee will be paid as to 50 per cent in cash ($81,656.25) and 50 per cent in shares being 243,750 shares of the company. In addition, Chevalier will pay a finder's fee to PowerOne Capital Markets Ltd., an arm's-length entity, equal to 1.5 per cent of the consideration paid by the company, being a fee of $97,987.50, calculated by multiplying the 32.5 million shares being issued by the company by 26.5 cents being the 20-day weighted average of the company's shares immediately preceding the announcement of the transaction on Nov. 6, 2009. The fee is payable by the issuance of 385,634 shares of the company.
For further information see the company's news release dated Nov. 6, 2009, which is available under the company's profile on SEDAR.
ON BEHALF OF THE BOARD OF DIRECTORS OF AFRICAN METALS CORPORATION
“Nigel Ferguson”
Nigel Ferguson
President & CEO
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 NEW RELEASE.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our industry, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
Leseranfragen:
African Metals Corp.
Suite 205 – 16055 Fraser Highway
Surrey, British Columbia, Canada V4N 0G2
Tel: 604-507-2181 Fax: 604-507-2187
Email:info(at)africanmetals.com
" alt="Extraordinary announcement of the Board of Directors
Datum: 24.03.2010 - 17:32 Uhr
Sprache: Deutsch
News-ID 17997
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contact information:
Town:
Wien
Kategorie:
Business News
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