CORRECTION FROM SOURCE/Stelmine Canada Ltd.: Property Acquisition and Settlement of Debt
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 07/24/13 -- This document corrects and replaces the press release that was sent today at 2:17 PM EDT. The error occurred in the table where it should have read "greater than " instead of "less than ".
Stelmine Canada ltee ("Stelmine") (TSX VENTURE: STH) announces the acquisition of the Maniwaki West property and survey results.
Maniwaki West Property consists of 49 claims, covering 2850 acres, located 20 kilometers north west of Maniwaki with access by gravel road to the middle of the property.
During fall 2012, a scintillometer survey completed demonstrated many radioactive areas and the best results of the rock chip sampling are the following:
The Thorium associated Rare Earth mineralisation occurs in pegmatictic masses oriented north east, that appears in a periodicaly in the tonalitic gneiss. A lithologic fragment of calcosilicate rock is present in the sector. Two samples are clearly anormalitics; 7988 for is heavy and Nd, same as for 7981 for is Nd. A continuation of the sampling is recommended along the structures identified and especially between samples 7988 and 7981.
The technical information reported in this news release has been approved by Jacques Marchand, geol., Qualified Person as defined by Canadian NI 43-101
Stelmine is also pleased to announce that it has reduced its short term debt for the sum of $155,888,05 by issuing 3,117,761 common shares of the company at $0.05 per share to three insiders of the company (the "Transaction") . All shares issued have a holding period of four months and one day.
As insiders are parties to the Transaction, pursuant to Regulation 61-101 respecting protection of minority security holders in special transactions, ("Regulation 61-101"), such transactions constitute a "related party transaction". However, the Transaction is exempt from the valuation and minority shareholder approval requirements pursuant to the exemptions set out in subsection 5.5 (a) and 5.7(1)(a) of Regulation 61-101, as the aggregate consideration does not exceed 25% of Stelmine's market capitalization.
Disclosure required under Regulation 62-103
In connection with the Transaction, M. Lemay has filed an Early Warning Report regarding his acquisition of securities of Stelmine. Pursuant to the declaration, Mr. Lemay now holds directly and indirectly, 5,864,310 common shares of Stelmine, including the 2,000,000 common shares issued in the Transaction and he therefore holds 17.6 % of the shares outstanding, on an undiluted basis. If Mr. Lemay were to exercise the 1,725,000 convertible securities he holds, his participation could reach 21.62%, assuming the exercise of his convertible securities only and not that of any other holders. Mr. Lemay has acquired the securities for investment purposes.
A copy of the Early Warning Report disclosing the transaction is available on SEDAR at and can also be obtained from Stelmine.
Stelmine Canada Ltd is a junior mining exploration company listed on the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits
Neither 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:
Mr. Michel Lemay
President and Chief Executive Officer
(514) 866-8209
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 24.07.2013 - 18:43 Uhr
Sprache: Deutsch
News-ID 281507
Anzahl Zeichen: 0
contact information:
Town:
MONTREAL, QUEBEC
Kategorie:
Mining & Metals
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"CORRECTION FROM SOURCE/Stelmine Canada Ltd.: Property Acquisition and Settlement of Debt"
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