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Windfire Announces Entry into Share Purchase Agreement
Vancouver, British Columbia--(Newsfile Corp. - October 11, 2017) - Windfire Capital Corp. (TSX...
About this update from Americore Resources Corp
[{"type":"text","content":"Windfire Announces Entry into Share Purchase AgreementVancouver, British Columbia--(Newsfile Corp. - October 11, 2017) - Windfire Capital Corp. (TSXV: WIF.H) (\"Windfire\") is pleased to announce that it has entered into a definitive share purchase agreement dated September 11, 2017 with DMiner Asset Management Company Inc. (the \"Vendor\") and Riviera Mina Ltd. (\"Riviera\"), pursuant to which Windfire has agreed to acquire 91.5% of the common shares of Riviera (the \"Riviera Shares\") from the Vendor (the \"Transaction\"). In consideration for the Riviera Shares, Windfire has agreed to:issue to, or as directed by, the Vendor 15,000,000 common shares in the capital of Windfire (each, a \"Windfire Share\"); pay a non-refundable deposit of US$150,000 (the \"Deposit\") to the Vendor (subject to the prior approval of the TSX Venture Exchange (the \"Exchange\")); andpay an additional US$850,000 to the Vendor at the closing of the Transaction (the \"Closing\").The Transaction will constitute a reverse takeover of Windfire under the policies of the Exchange. Completion of the Transaction remains subject to, among other things, approval of the Exchange, completion of a concurrent financing of Windfire Shares, approval of applicable regulatory bodies in Namibia, if necessary, and other conditions which are normal for transactions of this nature.Riviera indirectly owns a 76.5% interest in Petroleum Exploration Licence No. 0079, dated July 10, 2015, in relation to Blocks 2815 and 2915 (the \"Blocks\") off-shore Namibia. The Blocks have drill ready oil and gas exploration targets on them and are located in the Orange Basin of Namibia. The balance of the interest in the Licence is held by Namibia's national oil company, Namcor, and local Namibian partners. Windfire is actively moving towards the Closing and obtaining the conditional approval of the Exchange for the Transaction. Windfire has obtained a technical report with respect to the Blocks, which the Exchange has approved, has commenced financing, and is working on finalizing the filing statement to be submitted in connection with the Transaction.Walt Luke, President of Windfire, stated, \"Windfire is working vigorously to complete the Transaction this quarter. We believe the Blocks present an excellent exploration and development opportunity and have the potential to greatly incr...