Commodore Metals Corp. press release
Proposed Acquisition
CSE - Canadian National Stock Exchange · Gold · Arsenic · Copper · Nickel · Cobalt · Platinum · Palladium · Canada
Mar. 19, 2010 (TheNewswire.ca) --
Toronto, Ontario, March 19, 2010…Copper Reef Mining Corporation (CNQ:CZC) ("Company")(CZC.CNSX) is pleased to announce that it has entered into an agreement (the "Agreement") by which it has settled the terms on which it will acquire all of the issued and outstanding shares the private mineral exploration company, Harricana River Mining Corporation ("Harricana") based in Val-d'Or, Quebec. The Closing Date of this transaction, subject to due diligence and certain other conditions being satisfied, is anticipated to be in April, 2010. Under the terms proposed in the Letter of Intent Copper Reef will issue 22,121,071 common shares on a one for one basis in exchange for the holders of the issued and outstanding shares of Harricana. In addition, the holder of the shares of Harricana will be issued one half of one warrant, with a one year expiry, which may, if exercised at $0.30 for one whole warrant, result in an additional 11,060,535 shares of Copper Reef to be issued.
Copper Reef would, through this acquisition, acquire $3,250,000 to $4,100,000 in cash, securities and other liquid assets in addition to 154 claims in the Val-d'Or Camp and 11 claims in the Windfall Lake area all located in the Province of Quebec. The Val-d'Or property contains a 43-101 resource (ca 2003) of 1,172,214 tons at an average uncut grade of 0.168 opt gold using a 0.05 opt gold cut off value.
On Behalf of the Board of Directors
"signed"
Stephen L. Masson M.Sc. P.Geo.
President
No securities regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are or may be considered forward-looking statements, such as estimates and statements that describe Copper Reef's future plans, objectives or goals, including words to the effect that Copper Reef or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. We seek safe harbour.
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