ICN Issues Shares to Seabridge Gold Inc.
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/20/11 -- ICN Resources Limited ("ICN" or "the Company") (TSX VENTURE: ICN) announces that as per a previously announced amended Option Agreement with Seabridge Gold Inc. ("Seabridge") and its wholly-owned subsidiary, Seabridge Gold Corporation (see ICN news release of April 21, 2010), ICN will issue 1,750,000 common shares to Seabridge at a price of $0.30 per share in lieu of making the final cash payment of CDN $525,000 for the 100% purchase of the Hog Ranch property located in northwestern Nevada. The common shares issued were subject to a statutory hold period which expired on September 15, 2010.
Under the original terms of the Option Agreement, ICN was required to make a CDN $525,000 final cash payment and issue a further one million common shares to Seabridge. In lieu of making the final cash payment the Option Agreement was amended to provide for ICN to issue a convertible debenture for the principal amount of CDN $525,000 with an 18 month term bearing interest at a rate of 5% per annum (compounded annually) convertible into ICN common shares, at Seabridge's option, at $0.30 per share. The requirement for ICN to issue one million shares remained, and those shares were issued and delivered to Seabridge on April 13, 2010. The issuance of the convertible debenture was approved by the TSX Venture Exchange on April 27, 2010.
Carl Hering, President and CEO of ICN Resources, commented that "We are pleased to announce that Seabridge has, at their election, chosen to receive shares of ICN rather than a cash payment. I believe that this demonstrates the confidence that they have in the Company and the Goldfield Project currently being drilled by ICN."
The Hog Ranch property was optioned earlier this year to Pacific Rim Mining (see ICN news release of June 28, 2011), and Pacific Rim is pursuing an aggressive exploration program on the project as part of their option earn-in commitment, whereby they may earn a 65% interest in the property by expending an aggregate of US$8 million in exploration work and issuing an aggregate of 1 million common shares of Pacific Rim over a five year period.
On Behalf of the Board of Directors of ICN Resources Ltd.
Carl Hering, President & CEO
ICN Resources Ltd.
Neither 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:
ICN Resources Ltd.
Tasso Baras
1-877-738-3882 or 604-738-3882
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Datum: 20.10.2011 - 17:07 Uhr
Sprache: Deutsch
News-ID 78625
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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