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Vencan Signs Letter of Intent with Strike Minerals Inc.; Completes Second Tranche of Financing with Brokered and Non-Brokered Private Placements.
Vencan Signs Letter of Intent with Strike Minerals Inc.; Completes Second Tranche of Financing with Brokered and Non-Brokered Private Placements..
About this update from Rpx Gold Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 11 /CNW/ - Vencan Gold Corporation (VCG, TSX Venture\nExchange)\nKirk McKinnon, President & CEO of Vencan Gold Corporation (the\n\"Corporation\") is pleased to announce that the Corporation has signed a Letter\nof Intent with Strike Minerals Inc., \"Strike\", which provides Strike with the\nOption of acquiring the \"Wawa\" property of the Corporation.\nThe Corporation intends to continue its exploration focus on its Woman\nRiver Properties located in the promising Western Abitibi Greenstone Belt\nabout 100 km southwest of Timmins.\nStrike is committed to advancing exploration on their Edwards Mine\nproperty and already have significant infrastructure in place. Consolidation\nin the area will not only facilitate exploration but will also create\nsynergies and result in cost efficiencies.\nWe have full confidence in the Strike \"Group\" to advance exploration in\nthe area, which will provide Vencan and its shareholders the best opportunity\nto maximize the \"Wawa\" assets.\n\nLETTER OF INTENT\n----------------\n\nStrike would receive a 100% interest in the Vencan \"Wawa\" Property \n(43 claims) and would be assigned Vencan's entire 3% NSR on the Strike\nProperty (Edwards Mine) by making the following payments by the dates noted\nand subject to the conditions listed below. Time is of the essence in this\nagreement.\n\na) $10,000 cash immediately upon signing this agreement, which is non-\n refundable but will be applied to the transaction if the closing\n deadline is met.\nb) Option I: Issue (xx)1,000,000 Strike shares and $500,000 on or before\n March 31, 2006.\nc) Option II: Issue (xx)2,000,000 Strike shares and $300,000 on or\n before March 31, 2006.\n\nConditions\n\n1. (xx)Strike undertakes that they will become listed on the TSX Venture\n Exchange by no later than December 31, 2005.\n2. Strike must spend at least $125,000 in exploration expenditures on\n its Edwards Mine Property on or before January 31, 2006.\n3. Vencan has the exclusive right to select either Option I or II until\n such time as Strike closes the transaction by issuing all of the\n payments due.\n4. If the transaction is not closed by March 31, 2006, then Vencan is\n entitled to a 1.0% NSR on it's property acquired by Strike\n (43 claims). Strike can buyback the first 0.5% of the NSR for\n $250,000 and the remaining 0.5% of the NSR...