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Troymet Signs Asset Purchase Agreement for Sale of McClarty Claims and Advises of Potential New Director
NANAIMO, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- Troymet Exploration Corp. (TSXV:TYE) (“Troymet”) is pleased to announce that has entered into an ass
About this update from Bessor Minerals Inc.
[{"type":"text","content":" NANAIMO, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- Troymet Exploration Corp. (TSXV:TYE) (“Troymet”) is pleased to announce that has entered into an asset purchase agreement (the “Sale Agreement”) to sell (the “McClarty Sale”) to an arm’s length private purchaser (the “Purchaser”), subject to TSX Venture Exchange (“TSXV”) acceptance, all of its interest in: (i) Troymet’s 40% interest in 5 mineral claims that are subject to a Joint Venture Agreement among Hudson Bay Mining and Smelting Co., Limited (“HBMS”) and Troymet dated July 30, 2012; as well as (ii) Troymet’s 100% interest in 3 mineral claims (collectively, the “McClarty Claims”). The McClarty Claims consist of property located in the McClarty Lake area of northern Manitoba. Assuming all conditions in the Sale Agreement are met or waived, it is anticipated that the closing of the McClarty Sale will occur on or before May 30, 2018. Consideration for the McClarty SaleThe consideration for the McClarty Sale was negotiated by Troymet and the Purchaser, arm’s length parties, and shall consist of the following payments on the closing date of the McClarty Sale: (i) $100,000 cash payable by the Purchaser to Troymet; (ii) the issuance and delivery to Troymet of an aggregate of 2,250,000 common shares of the Purchaser; and (iii) the issuance by Troymet to the Purchaser of 2,500,000 common shares of Troymet (the “Troymet Shares”) at a deemed price of $0.01 per Troymet Share. Conditions Precedent to the McClarty SaleThe obligations of Troymet and the Purchaser to complete the McClarty Sale are subject to the satisfaction of closing conditions, including, but not limited to: TSXV acceptance of the McClarty Sale; the Purchaser executing an agreement (the “JV Assumption Agreement”) in a form satisfactory to HBMS which complies with the requirements of the Joint Venture Agreement, including the assumption by the Purchaser of all terms and conditions of the Joint Venture Agreement; and customary closing conditions for a transaction similar to the McClarty Sale. Potential Additional Board MemberSubject to TSXV acceptance, it is anticipated that Jason Riley, the President/CEO and a director of the Purchaser will join the board of directors of Troymet on the closing of the McClarty Sale or shortly thereafter. Jason Riley has been the President/CEO of ExGen Resources ...