TORONTO, Sept. 12, 2011 /CNW/ - Mantis Mineral Corp. (CNSX: MYN) ("Mantis" or the "Company") announced today that it has completed the sale of its interest in
Mining Lease No. 107767 in the Township of Chester, District of Sudbury
Mantis entered into an option agreement (the "Option Agreement") with Gold Bar Resources Inc. ("Gold Bar") on June 15, 2010 to acquire Gold Bar's 21.62% registered undivided
interest in Claim 266. Pursuant to the terms of the Option Agreement,
Mantis issued 500,000 common shares to Gold Bar upon execution of the
Option Agreement and was required to pay $1,000,000 to Gold Bar in cash
or the equivalent value in shares at a deemed price of $0.15 per share
over the next three years.
On November 26, 2010, Mantis entered into a purchase agreement (the "Purchase Agreement") with Gold Bar and Trelawney Mining and Exploration Inc. ("Trelawney"), whereby Gold Bar and Mantis agreed to sell all of their interest in
and to Claim 266 to Trelawney.
In consideration of Trelawney's purchase of Claim 266, Trelawney issued
125,000 common shares to Gold Bar and 375,000 common shares to Mantis.
Pursuant to the terms of the Purchase Agreement, Mantis agreed to issue
to Gold Bar 6,666,667 common shares in the capital of Mantis, as
consideration for its remaining obligations under the Option Agreement.
Pursuant to the terms of the Purchase Agreement, the shares issued by
Trelawney to Gold Bar and Mantis and the shares issued by Mantis to
Gold Bar were held in escrow pending certain closing conditions being
completed. These closing conditions were completed on September 9, 2011
and all the shares held in escrow were released to Gold Bar and Mantis
on this day.
About Mantis Mineral
Mantis Mineral Corp. is a Canadian based resource and exploration
company traded publicly under the symbol MYN on the CNSX. Mantis is
focused on creating shareholder value through the exploration and
development of its suite of strategically located, high-impact Canadian
The CNSX has not reviewed and does not accept responsibility for the
adequacy of this release.
SOURCE Mantis Mineral Corp.
For further information:
Mr. Robin Ross, Chairman & CEO
Phone: (416) 362-1800
or visit our corporate website at www.mantismineralcorp.com