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Vencan Completes Land Acquisition Transaction with Falconbridge Limited; Completes First Tranche of Financing with IBK Capital Corp.
Vencan Completes Land Acquisition Transaction with Falconbridge Limited; Completes First Tranche of Financing with IBK Capital Corp..
About this update from Rpx Gold Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 8 /CNW/ - Vencan Gold Corporation (VCG, TSX Venture\nExchange)\n\nAcquisition of Falconbridge Limited Claims\n------------------------------------------\n\nKirk McKinnon, President & CEO of Vencan Gold Corporation (the\n\"Corporation\") is pleased to announce that effective September 28, 2005 the\nCorporation has signed an Option and Joint Venture Agreement with Falconbridge\nLimited.\nThis is part of the land acquisition strategy for our Cayenne and Chili\nproperties located in the promising Abitibi Greenstone Belt. We are very\npleased to have acquired this property and completed a transaction with\nFalconbridge Limited. The property has significant VMS potential and we intend\nto continue to develop our relationship with Falconbridge. Further details\noutlining historical data, work to-date and planned exploration will be\ncovered in a future press release.\nFalconbridge Limited owns two unpatented mining claims namely P583877,\nP583878, and one Mining Lease namely 106448 covering claim numbers P583880,\nP583881, P583884 and P583885, located in Genoa Township, Porcupine Mining\nDivision, District of Cochrane, Ontario.\nFalconbridge Limited has agreed to grant to Vencan: (1) the exclusive\nright to enter upon the Property and to conduct Mining Operations; and (2) an\noption to acquire a 100% undivided interest in the Property, in accordance\nwith the terms of the Agreement. In order to maintain the Working Right and\nOption in good standing, Vencan must incur work commitments and issue\nsecurities as listed below.\n\n (a) Work Commitment\n 1) in the amount of at least Fifty Thousand Dollars ($50,000)\n on or before October 1, 2006;\n 2) in the amount of at least One Hundred and Fifty Thousand\n Dollars ($150,000) on or before October 1, 2007; and\n 3) in the aggregate amount of at least Three Hundred and Fifty\n Thousand Dollars ($350,000) on or before October 1, 2008;\n\n (b) Issue the following Common Shares to Falconbridge,\n 1) 50,000 Shares on signing the Agreement;\n 2) 50,000 Shares on or before October 1, 2006;\n 3) 50,000 Shares on or before October 1, 2007;\n 4) 150,000 Shares on or before October 1, 2008 for a total\n of 300,000 Shares; and\n\n (c) issue 300,000 warrants on signing the Agreement exercisable at\n $0.30 for 24 months from the date issued. Each warrant entitles\n the holder ...