Komet Manufacturers Inc. - Execution of a property earn-in and joint venture agreement with Virginia Mines

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[{"type":"text","content":"\n\n\n\n\n\nMONTREAL, April 12, 2012 /CNW Telbec/ - Komet Manufacturers Inc. (TSXV:\n AQD) (\"Komet\") announces that it has executed as of April 4, 2012, an Earn-In Option\n and Joint Venture Agreement (the \"Agreement\") with Virginia Mines Inc. (TSX: VGQ) (\"Virginia\") in connection with the granting by Virginia to Komet of an option to\n earn a 50% undivided interest in the mining claims comprising the FCI\n Property located in the James Bay area in the Province of Québec (the \"Property\").\n\n\nThe purpose of the Agreement is to conduct exploration on the Property\n and to evaluate the possible development of the Property and possibly\n engage in development and mining operations on the Property.  In order\n to earn an undivided fifty percent (50%) in the Property, Komet has\n agreed to issue 25,000 common shares to Virginia and to incur\n expenditures on the Property of $4,000,000 over a six-year period.\n\n\nKomet, specialized in designing and distributing bathroom furniture\n products but, subject to minority shareholders' approval at the\n shareholders' meeting to be held on April 23, 2012, is in the process\n of liquidating its inventory and has elected to proceed to a Change of\n Business (\"COB\") pursuant to the provisions of Policy 5.2 of the TSX Venture Exchange\n (the \"Exchange\")and seek a listing as a Tier 2 mining issuer pursuant to the\n provisions of Policy 2.1 and will call a shareholders' meeting and file\n an Information Circular to seek shareholders' approval with respect to\n the Agreement and the COB.\n\n\nThe execution of the Agreement constitutes an Arm's Length Transaction\n between Komet and Virginia pursuant to Policy 1.1 of the TSX Venture\n Exchange.\n\n\nVirginia is governed by the provisions to the Canada Business Corporations Act.  To the knowledge of Komet, no one holds more than 10% of the\n outstanding shares of Virginia.\n\n\nTrading on the common shares of Komet will remain halted until the\n approval of the COB by the Exchange or the issuance of a subsequent\n more detailed press release.\n\n\nAbout Komet\n\n\nKomet, a Québec corporation headquartered in Blainville, has been listed\n on the TSX Venture Exchange since June 2007. The company specializes in\n designing and distributing bathroom furniture products.\n\n\nCompletion of the transaction is subje...

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