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Dauntless Capital Corp. Announces Closing of Qualifying Transaction
Dauntless Capital Corp. Announces Closing of Qualifying Transaction
About this update from Encore Energy Corp.
[{"type":"text","content":"\n\n\n\n Aug. 31, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nSYMBOL - DTL.P\n\nVANCOUVER, Aug. 31 /CNW/ - Dauntless Capital Corp. (TSX-V:DTL.P) ("Dauntless" or the "Company") is pleased to announce that it has closed its qualifying transaction (the "Transaction") that was initially announced in a news release on May 27, 2010 and more particularly described in its supplementary news release of August 23, 2010 and filing statement dated August 18, 2010 (the "Filing Statement"). As a result of the completion of the Transaction, the Company has ceased to be a Capital Pool Company (as defined in the policies of the TSX Venture Exchange (the "TSXV")).\nConcurrently with the issuance of the final bulletin of the TSXV approving the Transaction, the Company intends to change its name from "Dauntless Capital Corp." to "Tigris Uranium Corp.". The Company is expected to commence trading as a Tier 2 Mining Issuer on the TSXV at the opening of the market on September 1, 2010. The new trading symbol of the Company will be "TU".\nThe Company completed the Transaction through the acquisition of an exclusive option (the "Option") to earn interests in three properties located in McKinley County, New Mexico, USA, subject to a sliding scale gross proceeds royalty as more fully described in the Filing Statement. The Option was granted to the Company by NZ Uranium, LLC ("NZU"), a limited liability company organized under the laws of the State of Arizona. In exchange for the Option, the Company paid to NZU US$1,000,000 and issued to NZU 10,000,000 common shares of the Company which will be held in escrow in accordance with the policies of the Exchange.\nIn order to exercise the Option, the Company is required to make the following cash payments and issue the following common shares to NZU:\n\n\n >\n\n\nTo complete the exercise of the Option, the Company i...