Business
Serengeti Announces Terms of a Major Investment by Strategic Partner and Multi-Property Joint-Venture Deal
(via Thenewswire.ca) Vancouver, B.C. / TNW-ACCESSWIRE / December 1, 2014 / Serengeti R...
About this update from Northwest Copper Corp.
[{"type":"text","content":"Serengeti Announces Terms of a Major Investment by Strategic Partner and Multi-Property Joint-Venture Deal(via Thenewswire.ca)\n\n \nVancouver, B.C. / TNW-ACCESSWIRE / December 1, 2014 / Serengeti Resources Inc. (SIR: TSX-V; 34S: FSE) is very pleased to announce that it has recently agreed to the principal business terms of an arrangement with one of Asia's largest trading companies (\"Trading Co\"), whereby the Trading Co would acquire 19% of Serengeti through the investment of C$1.2 million by way of a private placement at a price of $0.10 per share. In consideration for making this investment, the Trading Co would be granted the right to earn a 30% interest in Serengeti's Kwanika area resource-stage copper-gold property and related properties (the \"Kwanika Properties\"), located in British Columbia, by funding C$7 million in expenditures on the Kwanika Properties over a period of two years. In addition, Serengeti and the Trading Co have also agreed to the principal business terms of a joint venture, whereby the Trading Co could acquire up to a 55% interest in four of Serengeti's early stage exploration properties by funding a further C$12 million in expenditures over four years, of which $2 million is a firm commitment in 2015 to earn an initial 35% interest.\n\n\n \n\"This transaction would represent a key step towards securing Serengeti's ability to continue advancing our Kwanika project and renewing work on the best of our exploration properties,\" stated David Moore, President & CEO of Serengeti. \"We continue to work diligently with our new partner to bring this transaction to a successful conclusion.\"\n\n\n \nThe business transaction described above is subject to completion of legal and financial due diligence by the Trading Co as well as the consent of the parties respective boards of directors, the consent of the TSX Venture Exchange, the signing of a definitive agreement and closing, which is anticipated within the next 90 days. Investors are cautioned that this transaction will not necessarily be completed.\n\n\n \nThe Company further reports that it has recently received a cheque for $95,000 from Canada Revenue Agency pursuant to the BC METC program.\n\n\n \nAbout Serengeti Resources Inc.\n\n\n \nSerengeti is a mineral exploration company managed by an experienced team of professionals with a solid track reco...