Suparna Gold Corp. Completes Acquisition of Orion Resources N.V.
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/15/11 -- Suparna Gold Corp. ("Suparna" or the "Company") (TSX VENTURE: SUG) is pleased to announce that it has completed its previously announced arm's length acquisition of Orion Resources N.V. ("Orion"), a company incorporated under the laws of Suriname and wholly owned by Kapelka Exploration Inc. ("Kapelka"). In accordance with the terms of a share acquisition agreement dated May 6, 2011, as amended, the Company acquired 80% of the issued and outstanding voting shares of Orion from Kapelka in consideration for (i) the issuance to Kapelka of 10,000,000 common shares of Suparna; and (ii) a cash payment to Kapelka in the amount of $500,000. The Company also issued 691,666 common shares to Elizabeth Schwabe in full satisfaction of a finder's fee related to the transaction.
The Company also announces that, concurrent with the completion of the acquisition of Orion and pursuant to an agreement with Sumar Management Consultants Ltd., 1379197 Alberta Ltd. and Mr. Luc De Rooy (the "NSR Holders"), the Company made an aggregate cash payment of $250,000 to the NSR Holders in consideration for the immediate cancellation of 1% of a 3% net smelter return ("NSR") (for clarity, reducing the NSR to 2%) and the immediate and complete cancellation of a net profits interest of 12% held by the NSR Holders in relation to the mineral assets of Orion. At any time from the closing date until the fifth anniversary date of the closing date, the Company has the right to elect in writing to pay the NSR Holders an aggregate amount of $1,500,000 in consideration for the cancellation of an additional 1% of the NSR (for clarity, reducing the NSR to 1%).
Orion holds a 100% interest in the Sara Creek Property located in the Brokopondo and Sipalilwini districts of east central Suriname, South America. The Sara Creek Property is comprised of two exploration concessions consisting of 56,920 hectares, located approximately 150 air kilometres south of Paramaribo, the capital city of Suriname. Paramaribo is the largest city in Suriname with a population of approximately 250,000 and is located on the banks of the Suriname River.
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:
Suparna Gold Corp.
Michelle Gahagan
President
(604) 639-4459
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Datum: 15.07.2011 - 20:45 Uhr
Sprache: Deutsch
News-ID 35183
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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