Business
Canstar Resources Announces Closing of the Disposition of the Slate Bay interests
TORONTO, Nov. 06, 2019 (GLOBE NEWSWIRE) -- CANSTAR RESOURCES INC. (TSXV: ROX) (OTCQB:CSRNF) (“Canstar Resources” or the “Company”) announces that it has complet
About this update from Canstar Resources Inc.
[{"type":"text","content":" TORONTO, Nov. 06, 2019 (GLOBE NEWSWIRE) -- CANSTAR RESOURCES INC. (TSXV: ROX) (OTCQB:CSRNF) (“Canstar Resources” or the “Company”) announces that it has completed a transaction (the “Transaction”) pursuant to which it sold to Angus Ventures Inc. (“Angus”) all of its interests in mining rights to certain mineral claims in the Red Lake district in the Province of Ontario (the “Slate Bay Property”). Under the terms of the Transaction, Angus has acquired all of Canstar’s interest in the Slate Bay Property, being 75% mining rights interest in the Slate Bay Property, in consideration for cash payment of $30,000 and the issuance to Canstar of 70,000 common shares of Angus. Canstar has previously acquired its interest in the Slate Bay Property pursuant to an option agreement with Luxor Exploration Inc. but has not conducted exploration activities on the Slate Bay Property since 2008. The disposition of the Canstar’s interest in the Slate Bay Property allows Canstar to focus on the development of its mainstay expiration properties in Newfoundland and Labrador. The Transaction constitutes Angus’ “Qualifying Transaction” as such term is defined in Policy 2.4 – Capital Pool Companies of the TSX Venture Exchange (the “TSXV”) and has received requisite approvals, including the approvals of the TSXV. About Canstar Resources Inc. Canstar Resources is a Canadian mineral exploration and development company, with the objective to discover and develop economic mineral deposits in North America. Currently, Canstar Resources’ focus is to advance its flagship Buchans - Mary March project and other mineral exploration properties in Newfoundland and Labrador. Canstar Resources is based in Toronto, Canada and is listed on the TSX Venture Exchange and trades under the symbol ROX-V, and on the OTCQB Exchange under the symbol CSRNF. For further information, please contact: Sam Leung, Director Email: [email protected] www.canstarresources.com Forward-looking Statement Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the...