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PACIFIC HARBOUR ANNOUNCES ACQUISITION AGREEMENT TO ACQUIRE IRON ORE CLAIMS IN NORTHERN QUEBEC
PACIFIC HARBOUR ANNOUNCES ACQUISITION AGREEMENT TO ACQUIRE IRON ORE CLAIMS IN NORTHERN QUEBEC
About this update from Oceanic Iron Ore Corp.
[{"type":"text","content":"\n\n\n\n Oct. 7, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n TSX Venture Exchange:  PCF\n \n\n VANCOUVER, Oct 7 /CNW/ - Pacific Harbour Capital Ltd. ("Pacific\n Harbour") has entered into an agreement dated October 1, 2010 (the\n "Acquisition Agreement") with John Patrick Sheridan of Toronto, Ontario\n and Peter Ferderber of Val D'or, Quebec (collectively the "Vendors") to\n acquire a 100% interest, subject to a 2% net smelter returns royalty\n (the "NSR"), in approximately 3,000 mining claims (the "Property")\n located near Ungava Bay, Quebec. \n \n\n As consideration for the acquisition, Pacific Harbour has agreed to\n issue to the Vendors 30,000,000 common shares which will be held in\n escrow and releasable on terms acceptable to the TSX Venture Exchange\n ("TSXV"), provided that the shares will not be releasable any sooner\n than as to 20% of the shares on the date that is four months following\n the closing date and 20% on each of the dates that are 10 months, 16\n months, 22 months and 28 months following the closing date.  Commencing\n on the date that is one year following the closing date, Pacific Harbour\n must pay the Vendors minimum advance NSR payments of $200,000 per year,\n which will be credited against all future NSR payments payable from\n production.  Pacific Harbour may purchase 50% of the NSR by paying the\n Vendors $3,000,000 at any time in the first two years following t...