/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA/
Trading Symbol: TSX-V: ERA.P
Shares Issued: 12,493,163
HALIFAX, March 8, 2013 /CNW/ - Troy Grant, President and CEO of ELCORA RESOURCES CORP. (TSXV: ERA.P), (the "Company" or "Elcora"), a capital pool company, is
pleased to announce that it has completed its Qualifying Transaction
and closed a non-brokered $337,725 private placement.
Trading of the common shares of Elcora was halted at Elcora's request
when it announced its proposed Qualifying Transaction on October 4,
2012 and will remain halted pending the TSX Venture Exchange's (the
"Exchange") receipt of satisfactory documentation.
Elcora entered into an arm's length binding letter of intent with Mantis
Mineral Corp. (CNSX: MYN) ("Mantis") dated October 4, 2012 for the
right to acquire a fifty-one percent (51%) undivided interest in the
Cree Lake Gold Property located in Swayze Township, Ontario, (the
"Transaction") consisting of 18 mining claims covering approximately
3,904 hectares (the "Cree Lake Claims"), which claims are subject to a
1.5% net smelter return royalty on mining claim numbers 4203295,
4203275, 4203296 and 4209811.
On December 20, 2012 Elcora entered into an option agreement with
Mantis. Pursuant to the terms of the option agreement, Elcora may earn
a 51% interest in the Cree Lake Claims by making cash payments totaling
$50,000, issuing 3,000,000 common shares and completing work programs
on the Cree Lake Claims with a total value of a minimum of $1,213,600
over a four year period.
Pursuant to the terms of the option agreement Elcora may accelerate the
cash payments, delivery of common shares and work programs in order to
exercise the option at any time. Elcora may terminate its obligations
and forfeit its rights under the Letter of Intent at its sole
discretion at any time on 30 days' notice to Mantis after completing
the initial requirements of making a cash payment of an aggregate of
$25,000 to Mantis, the delivery of 300,000 common shares of Elcora to
Mantis and the completion of a work program of a minimum of $200,000 on
the Cree Lake Claims.
Pursuant to Exchange Policy 2.4, Capital Pool Companies, this arm's length Transaction is Elcora's Qualifying Transaction.
Elcora completed a non-brokered private placement of common shares
priced at $0.15 per share for $152,725 by issuing 1,018,163 common
shares and flow-through common shares at $0.20 per share for $185,000
by issuing 925,000 flow-through common shares. The flow-through common
shares will entitle the holder to certain benefits under the Income Tax Act (Canada). The total number of common shares of Elcora issued pursuant
to this non-brokered private placement is 1,943,163 common shares.
Board of Directors
The Board of Directors of Elcora will continue to be Troy Grant, Theo
van der Linde, John Cumming and Gregory Isenor. Troy Grant will
continue to act as President and CEO and Theo van der Linde will
continue to act as CFO and Corporate Secretary.
Resumption of Trading
Subject to filing required documentation with the TSX Venture Exchange,
Elcora will resume trading on Tier 2 of the Exchange on a date to be
determined by the Exchange under the trading symbol ERA.
As previously announced Elcora's Filing Statement and the geological
report for the Cree Lake Claims that is compliant with National
Instrument 43-101 is available through the internet on SEDAR which can
be accessed at www.sedar.com.
This press release was prepared under the supervision of Don Hawke,
M.Sc. P.Geo., who is a Qualified Person as defined under National
Instrument 43-101. Mr. Hawke has reviewed the scientific and technical
information in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. No stock Exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein. This News Release includes certain
"forward-looking statements". All statements other than statements of
historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Elcora, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
Elcora's expectations are exploration risks detailed herein and from
time to time in the filings made by Elcora with securities regulators.
Investors are cautioned that, except as disclosed in the filing
statement prepared in connection with the transaction, any information
released or received with respect to the transaction may not be
accurate or complete and should not be relied upon.
Trading in the securities of a capital pool company should be considered
highly speculative. The TSX Venture Exchange Inc. has in no way passed
upon the merits of the proposed transaction and has neither approved
nor disapproved the contents of this press release. Neither the 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: Elcora Resources Corp.
For further information:
Troy Grant, Director, President and CEO, Elcora Resources Corp., T: 902 802-8847 F: 902 446-2001.