Business
Canadian International Minerals Inc. and Commerce Resources Corp. Amend Option Agreement for Carbo Rare Earth Property
Trading Symbol CIN-TSX.V VANCOUVER, Sept. 23, 2011 /CNW/ -   Canadian Internationa...
About this update from Egr Exploration Ltd
[{"type":"text","content":"\n\n\n\n\n\nTrading Symbol CIN-TSX.V\n\n\nVANCOUVER, Sept. 23, 2011 /CNW/ - Canadian International Minerals Inc. (CIN-TSX.V) (the \"Company\" or\n \"Canadian International\") and Commerce Resources Corp. (CCE-TSX.V)\n (\"Commerce\") are pleased to jointly announce that they have entered\n into an amending agreement with respect to the Carbo Property Option\n Agreement (see Canadian International news release dated February 10,\n 2009).\n\n\nUnder the amendment, Canadian International will immediately acquire a\n 100% interest in the Carbo Property by issuing an additional 8,000,000\n common shares to Commerce. Commerce will retain its 2% NSR royalty on\n the property. Canadian International will also void any amounts due\n from Commerce for prior exploration under the original option\n agreement. The transaction is subject to acceptance by the TSX Venture\n Exchange.\n\n\nConcurrently, Commerce shall subscribe for $300,000 worth of Units (the\n \"Units\") into Canadian International's recently announced non-brokered\n private placement. Each Unit will consist of one common share and\n one-half of one transferable share purchase warrant (each whole\n warrant, a \"Warrant\"). Each Warrant will entitle Commerce to purchase\n one additional share of Canadian International for a period of 24\n months from the closing date at a price of $0.25 per share in the first\n year and $0.30 per share in the second year. Commerce will also have\n the right of first refusal to participate in any future Canadian\n International financings up to 19.9% of the aggregate value of the\n respective offerings.\n\n\nThe Carbo Property comprises seven claims totaling 2,778 hectares and is\n accessible by all-weather gravel roads. The project is located 80\n kilometres northeast of Prince George, B.C. within the Wicheeda-Carbo\n carbonatite camp and is directly contiguous with Spectrum Mining\n Corporation's Wicheeda Rare Earth Discovery.\n\n\nOn behalf of the Board of Directors,\n\n\n\"Michael E. Schuss\"\n\n\nMichael E. Schuss\nPresident and Chief Executive Officer\n\n\nCAUTION CONCERNING FORWARD-LOOKING STATEMENTS: Some of the statements\n contained herein may be forward-looking statements which involve known\n and unknown risks and uncertainties.  Without limitation, statements\n regarding potential mineralization and resources, exploration r...