VANCOUVER, June 15 /CNW/ - The Board of Zoloto Resources Ltd ("the Company") announce that in respect of the transaction proposed to be undertaken with Grafton Resource Investments Ltd ("Grafton"), a resource based realization fund, listed on the Dublin Stock Exchange which was announced on 28 January 2010, negotiations have been terminated.
As part of the requirements to complete the acquisition the company was to obtain the relisting of its shares on the TSX-V. Zoloto needed to have its financial statements audited and an unqualified audit report issued. The company has advised Grafton the audits would not be available and that no firm date was given in respect of the accounts.
Grafton has reviewed the circumstances and has considered that sufficient time had passed since the terms were agreed in January 2010 and that extending the period was unwarranted, therefore decided to terminate these discussions.
ON BEHALF OF THE BOARD
Completion of this transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and majority of the minority shareholder approval. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. 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.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, the timing of completion of the Company's annual audit, the expected time for filing Financial Statements, MD&A and the Certificates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE ZOLOTO RESOURCES LTD.
For further information: For further information: Bart Lawrence, Yana Bobrovskaya, Investor Relations, Zoloto Resource Ltd., Phone: (604) 608-0223, Fax: (604) 608-0344