Capella Resources Announces Memorandum of Understanding
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/20/11 -- CAPELLA RESOURCES LTD. (TSX VENTURE: KPS)(PINK SHEETS: CPSJF) ("Capella" or the "Company") is pleased to announce that it has entered into a memorandum of understanding (the "MOU") dated July 19, 2011 with Celtic Tiger Minerals Explorations Inc. ("Celtic") to set out terms for the purposes of acquiring and exploring certain mineral properties throughout Atlantic Canada.
President, Mr. Richard Bachman stated, "The Company is moving forward with this transaction to increase shareholder value by leveraging its Atlantic Canada mineral properties with a motivated local partner. Capella will focus its exploration activities on its Chilean and Peruvian gold properties."
Terms of the MOU
Pursuant to the terms of the MOU, the Company will first enter into an agreement with Celtic pursuant to which it will spend $150,000 in flow-through funds on the Whycocomagh property for a 50% interest and $500,000 in flow-through funds, collectively, on the Shortliff, Nictaux and Inglisville gold properties to earn a 50% interest in each of those properties, all located in Nova Scotia. Capella will then convert its interest in those properties into 3,500,000 common shares ("Shares") of Celtic.
Following this, the Company will sell to Celtic a 100% interest in its Wentworth property in exchange for 7,500,000 Shares at a deemed price of $0.10 per Share, with the Company maintaining a 2% NSR.
Additionally, the Company and Celtic will enter into an agreement whereby Celtic will purchase certain surplus assets from Capella for $350,000. Furthermore, Celtic will enter into a two year option for $100,000 to acquire certain Capella properties in Labrador for $1,500,000 in cash or shares of Celtic.
The parties will be entering into definitive documentation (the "Agreements") substantially based on the terms of the MOU listed above.
The transactions contemplated under the MOU and the Agreements, when finalized, may be subject to the approval of the Exchange.
CAPELLA RESOURCES LTD.
Richard Bachman, Chief Executive Officer, President & Chief Geological Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Capella Resources Ltd.
Mike McCleave
902.468.8280 or Toll Free: 1.877.342.7474
902.468.8448 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 20.07.2011 - 16:06 Uhr
Sprache: Deutsch
News-ID 36401
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Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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"Capella Resources Announces Memorandum of Understanding"
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