Anglo Swiss Signs Agreement to Sell Kenville for $5.9M
VANCOUVER, March 3, 2014 /CNW/ - Anglo Swiss Resources Inc. (ASW: TSX-V, ASWRF: PK) ("Anglo Swiss" or the "Company") is very pleased to announce that it has entered into a binding letter agreement dated March 3, 2014 (the "Letter Agreement") to sell its Kenville Gold Property (the "Property"), located in southeastern BC, to 0995237 B.C. Ltd., a private BC based company. The closing date of this arm's length transaction shall not be later than 60 days following the date of the execution of the Letter Agreement.
Total consideration for the purchase of the Property is CDN$5,900,000 which shall be satisfied by the delivery to Anglo Swiss of a $100,000 non-refundable deposit within seven (7) days of execution of this Letter Agreement, a payment of $800,000 on or before 60 days following the execution of this Letter Agreement and five (5) payments totaling $5,000,000 with annual payments of $1,000,000 starting on or before the third anniversary following the closing date.
Jari Paakki, CEO commented, "Completion of this transaction will provide the Company with important short term cash in one of the most stagnant junior mining markets in recent history. It allows us to move forward with our rebranding initiatives that we believe will greatly improve the Company's future ability to grow and increase shareholder value, and also provides future cash to sustain working capital, minimizing long-term financings and share dilution."
Completion of the transaction is subject to a number of conditions, including, but not limited to, confirmatory due diligence, the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange, and approval of the shareholders of Anglo Swiss.
Additional information regarding this proposed transaction will be provided in the management information circular that will be mailed to registered shareholders and filed on SEDAR at http://www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Jari Paakki, P.Geo.
About Anglo Swiss:
Anglo Swiss Resources Inc. is a Canadian-based exploration company. Current assets include its Kenville Gold and Blu Starr Flake Graphite properties in southeastern BC. The Company has recently entered into an agreement in principle to acquire gold exploration properties in Sweden (see news release dated February 12, 2014). Further information about the Company may be found at http://www.anglo-swiss.com or at http://www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Anglo Swiss Resources' plan for future exploration and development of its properties. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the Property, or that the Company will be able to raise sufficient capital to complete all of its exploration and drill programs. Accordingly, undue reliance should not be placed on forward-looking statements or information. Anglo Swiss does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE Anglo Swiss Resources Inc.For further information:
Jari Paakki, CEO
Chris Robbins, Vice President