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Copper Mesa announces extension to Nortec Ventures agreement
VANCOUVER, June 4 /CNW/ - Further to the press release dated April 1, 2009, Copper Mesa Mining Co...
About this update from Vital Energy Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, June 4 /CNW/ - Further to the press release dated April 1,\n2009, Copper Mesa Mining Corporation ("Copper Mesa" or the "Company")\n(TSX:CUX) and Nortec Ventures Corp. ("Nortec") (TSX-V: NVT) have agreed to\nextend the closing of Nortec's acquisition of a subsidiary of Copper Mesa (the\n"Subsidiary") until June 30, 2009 to complete due diligence.\n\n\nUnder the extended agreement, Nortec will pay immediately to Copper Mesa\nUS$90,000 and an additional US$70,000 on June 16, 2009. The US$1,100,000\npayment previously due May 31, 2009 will be postponed to June 30, 2009, and\nthe US$900,000 payment previously due June 30, 2009 will be postponed to July\n31, 2009. Nortec has the right to satisfy the total payment of the purchase\nprice if it pays to Copper Mesa the total aggregate sum of US$5,000,000 less\napplicable payments made; on or before July 31, 2009, which has been extended\nfrom June 30, 2009. To date Nortec Ventures has paid to Copper Mesa US$600,000\nas partial payment towards the purchase price.\n\n\nThe closing of this transaction remains subject to a number of\nconditions, including completion of a due diligence review by Nortec,\nacceptance for filing by the TSX Venture Exchange, Nortec arranging for\nfinancing for the funds required to pay the purchase price, and receipt of any\nfurther required regulatory approvals.\n\n\nAbout Copper Mesa Mining Corporation\n\n\nCopper Mesa is a mineral exploration and development company focused on\nadvancing into production its two key past-producing copper properties, the\nZonia and Emerald Isle Mines in Arizona, USA. www.coppermesacorp.com\n\n\nThis press release may contain forward-looking statements that are based\non Copper Mesa's expectations, estimates and projections regarding its\nbusiness and the economic environment in which it operates. These statements\nare not guarantees of future performance and involve risks and uncertainties\nthat are difficult to control or predict. Therefore, actual outcomes and\nresults may differ materially from those expressed in these forward-looking\nstatements and readers should not place undue reliance on such statements.\nStatements speak only as of the date on which they are made, and the Company\nundertakes no obligation to update them publicly to reflect new information or\nthe...