TORONTO, July 23 /CNW/ - TriNorth Capital Inc. (TSX: TRT) is pleased to
announce it has made an investment of $2 million in Chevalier Resources Inc.
("Chevalier"). TriNorth purchased 4,000,000 shares in Chevalier at $0.50 per
share as part of a private placement financing.
Chevalier is a private Montreal-based mining company, specialized in the
development of base metal projects including cobalt, copper and tin. Chevalier
has signed several option agreements to acquire majority interests in mining
properties located in the Democratic Republic of the Congo ("DRC") and intends
to engage in a comprehensive exploration program and conduct small scale
mining and mineral processing on its properties with an initial objective of
establishing a cobalt processing plant in the province of Katanga.
The Democratic Republic of the Congo is a central African country rich in
natural resources including timber, copper, cobalt, diamond, gold and uranium.
"With base metal prices continuing to rise due to growing global demand,
Chevalier represents an excellent strategic vehicle to acquire and
commercialize near production mining assets in the DRC", said Ravi Sood,
President and COO of Lawrence Asset Management Inc., the Manager of Trinorth.
Mr. Sood has joined the Board of Directors of Chevalier.
TriNorth is a Canadian-based investment company that invests in a
diversified portfolio of companies to generate long-term capital growth for
shareholders. TriNorth takes an active interest in its investee companies from
the earliest stages, providing strategic and financial counsel, support and
direction to assist in their growth and success. TriNorth's investment
strategy includes structuring and initiating deals focused on particular
resources, themes or regions as well as launching the development of
businesses in select industries by providing assistance with the hiring of
management teams, providing seed capital and facilitating IPOs. All investment
activities of TriNorth are managed by Lawrence Asset Management Inc, a leading
Canadian alternative investment asset manager.
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking information"
within the meaning of Canadian securities law. Such forward-looking
information may be identified by words such as "plans", "proposes",
"estimates", "intends", "expects", "believes", "may", "will" and include
without limitation, statements regarding the stated use of proceeds; plan of
operations and comparative advantages; and benefits of this investment. There
can be no assurance that such statements will prove to be accurate; actual
results and future events could differ materially from such statements.
Factors that could cause actual results to differ materially include, among
others, regulatory risks, risks inherent in foreign operations, commodity
prices, competition, and investments having no history of operations. Most of
these factors are outside the control of the Company. Investors are cautioned
not to put undue reliance on forward-looking information. Except as otherwise
required by applicable securities statutes or regulation, the Company
expressly disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new information, future
events or otherwise.
For further information:
For further information: (416) 362-6283, Catherine Stretch, Lawrence
Asset Management Inc., Toronto, Canada, firstname.lastname@example.org,