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Vendome Capital II Corp. Signs Letter of Understanding in Respect of Qualifying Transaction
Vendome Capital II Corp. Signs Letter of Understanding in Respect of Qualifying Transaction
About this update from Richmond Minerals Inc.
[{"type":"text","content":"\nVendome Capital II Corp. Signs Letter of Understanding in Respect of Qualifying Transaction\n\n\n Sep. 8, 2009 (Filing Services Canada) -- Vendome Capital II Corp. (VCT.P - TSX Venture), (\"Vendome\" or the \"Corporation\"), a capital pool company, entered into an Earn in Option Agreement (\"Agreement\") on August 31, 2009 with Richmond Minerals Inc. (\"Richmond\"). Vendome may earn a 51% interest in the Guibord Property as described below, upon the payment of CA$25,000 and 600,000 common shares of Vendome to Richmond within one year of receiving the Final Exchange Bulletin, as well as incurring a minimum of CA$250,000 in exploration expenditure within 2 years of the Final Exchange Bulletin. The deemed price of the common shares of the Corporation is $0.10 per common share for a total deemed value of $85,000. The Transaction shall serve as the Corporation's Qualifying Transaction, as defined in Policy 2.4 of the TSX Venture Exchange (the \"Exchange\") subject to the approval by the Exchange.Following completion of the Transaction, the Corporation will file articles of amendment to change its name to \"Vendome Resources Corporation\", or such other name as may be accepted by relevant regulatory authorities (the \"Proposed Name Change\"). The Proposed Name Change was subject to approval by the Corporation's shareholders at a special meeting of the shareholders of the Corporation that was to be held June 9, 2009 and was approved.Information about the PropertyThe property is located in the Abitibi Greenstone belt which hosts the Porcupine and Kirkland Lake mining camps. The Property is approximately 1,280 acres (518 hectares) in size and consists of 32 unpatented mining claims within the confines of four claim blocks numbers 1200195 to 12001198 inclusive. The blocks are located in the northwest quarter of Guibord Township, Larder Lake Mining Division, District of Cochrane, Ontario.The Property lies approximately 80 kilometres east of the City of Timmins, 16 kilometres east of the Town of Matheson and 45 kilometres northwest of the Town of Kirkland Lake. The Property's approximate centre is located at 48 degrees 31 minutes North Latitude and 80 degrees 14 minutes West Longitude.Direct access to the Property is via Provincial Highway 101, east from Matheson, to where it crosses the northeast corner of claim 1200195. Access to the ce...