MONTREAL, Nov. 14, 2011 /CNW Telbec/ - Toron Inc. (OTCBB: TRON)- (The Company) is pleased to announce that on August 23, 2011 it entered into a property acquisition agreement (the
"Acquisition Agreement") with Stephan Leblanc and Glenn Griesbach
(collectively, the "Vendor"), whereby the Company has agreed to acquire
an undivided one hundred percent (100%) interest in and to an aggregate
of 62 mineral claims (Blocks 1,2 and 3) located in the Province of
Quebec, Canada (the "Tiblemont Claims"). The entire area known as the
Tiblemont Claims is subdivided into four Blocks and 102 total claims.
The Company has not entered into any agreements for Block 4.
Pursuant to the Acquisition Agreement, the Company has agreed to pay to
the Vendor, in consideration of an undivided 100% interest in and to
the Tiblemont Claims, an aggregate of 2,000,000 post-split common
shares of its common stock at $0.10 per share and $100,000 in cash
consideration to paid in four (4) instalments as follows:
Deposit: a non-refundable deposit of $5,000 to paid to the Vendor upon signing
of the Acquisition Agreement (already paid);
Stage 1: in consideration of the 22 claims constituting "Block 1" we shall pay
700,000 shares of our common stock and $35,000 cash consideration on or
before September 30, 2011 (already paid and issued);
Stage 2: in consideration of the 20 claims constituting "Block 2" we shall pay
700,000 shares of our common stock and $35,000 cash consideration
within 45 days following the completion of Stage 1;
Stage 3: in consideration of the 20 claims constituting "Block 3" we shall
issue 600,000 shares of our common stock and $25,000 in cash
consideration within 45 days following the completion of Stage 2.
The Tiblemont Claims shall be subject to a 2% net smelter royalty
payable to the Vendor of which 1% may be purchased back from the Vendor
in consideration of $500,000.
CEO Michael Whitehead recently stated, "One of Toron's primary concerns
is to find land in Abitibi Greenstone Belt region of Quebec, which is
widely known for its gold and other mineral deposits. We know that much
of this territory has been overlooked in the past or has not been
scouted properly using modern tools and techniques. Therefore, we are
excited about our Agreement to acquire the Tiblemont Claims which
creates a golden opportunity for our company going forward."
Toron Inc. (www.toroninc.com) prides itself on being a new mineral exploration company focusing its
attention on projects involving gold and other valuable metals. Based
in Quebec, one of Canada's richest mining provinces, Toron Inc., a
Nevada company incorporated a wholly owned subsidiary, Toron Resources
Inc., for the sole purpose of exploring mining projects in Canada, and
specifically, in Quebec and Ontario.
Further information on the Company can be found at www.sec.gov and the company's website at www.toroninc.com
Safe Harbor Statement
Some statements in this news release contain forward-looking information
or forward-looking statements for the purposes of applicable securities
laws. These statements include, but are not limited to, statements
with respect to the closing of the various stages of the Acquisition
Agreement for the Tiblemont Claim as well as the potential results of
exploration on such claims. These statements address future events and
conditions and, as such, involve known and unknown risks, uncertainties
and other factors, which may cause the actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements.
Such factors include, among others, the timing and completion of
contemplated financings, the actual use of proceeds, receipt of
regulatory approvals and the timing and success of future exploration
development and production activities. In making the forward-looking
statements, the Company has applied several material assumptions
including, but not limited to, the assumptions that: (1) the proposed
exploration and development of its mineral projects will proceed as
planned; (2) market fundamentals will result in sustained metals and
minerals prices and (3) any additional financing needed will be
available on reasonable terms. The Company expressly disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise except as otherwise required by applicable securities
legislation. These statements are based on our current plans and
expectations and involve risks and uncertainties that could cause
actual future events or results to be different than those described in
or implied by such forward-looking statements. These risks and
uncertainties include those relating to: lack of operating history,
transitioning from a development company to an operating company,
difficulties in distinguishing Toron Inc. resources and ability to mine
Toron Inc. resources, market acceptance of our products and services;
operational difficulties relating to combining acquired companies and
businesses; our ability to form and maintain mutually beneficial
relationships with customers and strategic partners; changes in
economic, political or regulatory conditions or other trends affecting
the mining sectors, and our ability to attract and retain qualified
personnel. Further information about these matters can be found in our
Securities and Exchange Commission filings. We expressly disclaim any
intent or obligation to update these forward-looking statements.
Holybank Communications Ltd.
SOURCE Toron Inc.
For further information:
Holybank Communications Ltd.