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