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ANSELL CAPITAL CORP.ANNOUNCES PROPOSED ACQUISITION OF CHARLOTTE PROPERTY NEAR CARMACKS, YUKON TERRITORY
ANSELL CAPITAL CORP.ANNOUNCES PROPOSED ACQUISITION OF CHARLOTTE PROPERTY NEAR CARMACKS, YUKON TER...
About this update from Briacell Therapeutics Corp
[{"type":"text","content":"\nANSELL CAPITAL CORP.ANNOUNCES PROPOSED ACQUISITION OF CHARLOTTE PROPERTY NEAR CARMACKS, YUKON TERRITORY\n\n\n Oct. 14, 2010 (TheNewswire.ca) -- Ansell Capital Corp. (\"Ansell\") is pleased to announce that it has entered into an arm's length Letter of Intent (\"LOI\") dated October 12, 2010 with Eagle Trail Properties Inc. (\"Eagle Trail\") of Regina, Saskatchewan and Guinness Exploration, Inc. (OTCBB:GNXP) (\"Guinness\") of Wellington, New Zealand to acquire up to an 85% undivided interest in and to 128 mineral claims (the \"Transaction\") known as the Charlotte Project in the Mt. Nansen area of the Whitehorse Mining Division, of the Yukon Territory (the \"Property\").49% of the interest to be acquired, can be acquired by Ansell paying to Eagle Trail the sum of $1,000,000, issuing 12,000,000 units of Ansell to Eagle Trail and by spending $5,000,000 on expenditures on the Property within 3 years from the date of acquisition, of which $2,000,000 is to be spent in the first year following the Effective Date of the Transaction. Of the cash consideration, $500,000 is payable on the Effective Date and the remainder is payable 14 months thereafter. The 12,000,000 units are due to be issued on the Effective Date.Each unit of Ansell to be issued to Eagle Trail will consist of one common share and 0.67 share purchase warrants with one full warrant being exercisable to purchase one additional common share of Ansell at a price of $0.30 in the first year and $0.35 in the second year.Upon Exchange Approval Ansell will become the Operator of the project. Subject to Ansell first acquiring the 49% undivided interest in and to the Property, Ansell has received the further right to increase its interests to an 85% undivided interest of which 26% can be earned by Ansell delivering to Eagle Trail and Guinness a bankable Feasibility Study on the Property and the final 10% can be earned by Ansell placing the Property in commercial production.The Transaction is subject to prior TSX Venture Exchange approval and for the purposes of the agreement. The Effective Date is defined in the LOI as the date TSX Venture Exchange approval is obtained to the Transaction.The Property is encumbered with a 3% net smelter return royalty due and payable to Eagle Trail of which 1% can be purchased by Ansell for and in consideration of the sum of $1,500,000 provided An...