TORONTO, Dec. 1 /CNW/ - Mantis Mineral Corp. (CNSX: MYN) ("Mantis" or the "Company") today announced that it has entered into a purchase agreement (the "Purchase Agreement") between Gold Bar Resources Inc. ("Gold Bar") and Trelawney Mining and Exploration Inc. ("Trelawney"), whereby Gold Bar and Mantis have agreed to sell all of their interest in and to the 21.62% undivided interest in Mining Lease No. 107767 in the Township of Chester, District of Sudbury ("Claim 266").
In consideration of Trelawney's purchase of Claim 266, Trelawney has agreed to issue to Gold Bar 125,000 common shares and to Mantis 375,000 common shares in the capital of Trelawney. Pursuant to the terms of the Purchase Agreement, Mantis has agreed to issue to Gold Bar 6,666,667 common shares in the capital of Mantis, as consideration to complete its obligations under the Option Agreement it entered with Gold Bar on June 15, 2010.
All common shares issued by Trelawney and Mantis are subject to regulatory approval and a four month regulatory hold period from date of issue. The closing of the transaction also remains subject to shareholder approval of the shareholders of Gold Bar.
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 exploration projects.
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.
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