Business
Chrysalis Capital VII Corporation announces qualifying transaction
Chrysalis Capital VII Corporation announces qualifying transaction
About this update from Aton Resources Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, Mar. 11, 2010 (Canada NewsWire Group) -- /CNW/ -- Chrysalis Capital VII Corporation (\"Chrysalis VII\" or the \"Corporation\") is pleased to announce that it has entered into a definitive acquisition agreement dated March 9, 2010 with Alexander Nubia Inc. (\"ANI\"), which sets forth the terms and conditions pursuant to which Chrysalis VII will acquire all of the issued and outstanding shares in the capital of ANI (the \"Proposed Transaction\").Founded in late 2006, ANI is a Canadian company whose mission is to implement the technical expertise of developed mineral-exploration jurisdictions, such as that of Canada, in resource-rich Africa. Initially, ANI has established Egypt as its platform country, focusing on the under-developed Eastern Desert, where extensive historical mining of gold and copper dates back to Pharaonic times.In 2007, ANI was awarded two mineral concessions, one of which, the Abu Marwat Concession, was previously held by Centamin (TSX:CEE). The total land package of ANI's concessions encompasses an area of 3,115 km(2) and includes a portfolio of mineral-exploration opportunities: three (3) past producing gold mines, two (2) gold rich polymetallic deposits, one (1) zinc-rich volcanogenic massive sulfide deposit and a number of additional early-stage targets.Over the past several years, ANI has assembled an experienced management team who brings industry-recognized technical and financial expertise complemented with senior Egyptian-based military, corporate affairs and operational expertise.To date, approximately $3.5 million has been spent exploring the concession package with the purpose of prioritizing and delineating targets that can be advanced to the next stage of exploration. Detailed geological mapping complemented by lithogeochemical and geophysics surveys have identified two high-priority targets. The next stage of exploration will be to explore these targets aggressively by means of a definition diamond-drill program.To help fund future growth, ANI has engaged ODL Securities Limited out of London, England as lead agent, to assist in raising up to USD $15 million.When completed, the Proposed Transaction will constitute Chrysalis VII's qualifying transaction pursuant to the policies of the TSX Venture Exchange (the \"TSXV\"), and is subject to compliance with all necessary regulatory an...