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Patriot Petroleum Corp. Announces Letter of Intent for Property Acquisition
VANCOUVER, BC / ACCESSWIRE / July 11, 2016 / (TSX-V: PPC) Patriot Petroleum Corp. (" Patriot...
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[{"type":"text","content":"Patriot Petroleum Corp. Announces Letter of Intent for Property AcquisitionVANCOUVER, BC / ACCESSWIRE / July 11, 2016 / (TSX-V: PPC) Patriot Petroleum Corp. (\"Patriot\" or the \"Company\") today announced that it has entered into a letter of intent (the \"Letter of Intent\") for the acquisition of a 100% interest (the \"Proposed Transaction\") in certain unpatented mining claims situated in San Bernardino County comprising what is known as the \"Mojave Property\".\nPursuant to the Letter of Intent with TY & Sons Exploration (Nevada), Inc. the Company may acquire the Mojave Property through the payment of gross cash consideration of $350,000 and the issuance of an aggregate of 35,000,000 common shares of the Company (the \"Consideration Shares\"). \nIn connection with the Proposed Transaction, and as condition for the completion thereof, the Company intends to carry out a concurrent private placement financing for gross proceeds of $500,000 at a price of $0.05 per share (the \"Concurrent Financing\"). \nAt this time, the Company is in the process of carrying out its due diligence review and negotiating a definitive agreement (the \"Transaction Agreement\") which will include terms and conditions customary for transactions of this nature including a condition for receipt of TSX Venture Exchange (\"TSX-V\") approval of the Proposed Transaction and completion of the Concurrent Financing. \nThe Company has previously received notification from the TSX-V that it has not maintained the applicable Tier 2 continued listing requirements (\"Tier 2 CLR\") and that it has been placed on notice for a transfer to the NEX Board of TSX-V with a deadline of July 11, 2016 (the \"NEX Transfer\"). The Company has made application for an extension to the NEX Transfer (the \"Extension Application\") to allow time for the completion of the Proposed Transaction. The Company expects to meet Tier 2 CLR following closing of the Proposed Transaction but can provide no assurance that the TSX-V will approve the Extension Application. \nThe Company will provide further details in respect of the Proposed Transaction, in due course, by way of news releases. \nOn behalf of the board of\nPATRIOT PETROLEUM CORP.\nPer: \"Gavin Cooper\"\nGavin Cooper\nPresident and Director\nFor further information please contact Gavin Cooper at:\nTelephone: (604) 639-9051\nThe ...