12 Exploration Terminates Option on Deepwater Property
27 September 2019 - 11:02PM
12 Exploration Inc. (CSE:TWLV) (the “Company”) announces that it
has determined not to fulfill the balance of its requirement to
expend an aggregate of $300,000 in order to earn an initial 50%
interest in the Deepwater Project situated in Afton and Scholes
Townships, Ontario (the “Property”).
The Company was previously granted the option
(the “Option”) to earn up to an 80% interest in the Property
(subject to a 2% net smelter return, back-in right and a right of
first refusal with respect to a lease comprising, in part, the
Property). As a result of the Company’s decision not to fulfill the
balance of the Expenditure Requirement, the Option will terminate
and all interest in the Property will revert to the optionor.
The Company intends to continue its efforts to
identify alternative opportunities in an effort to enhance
shareholder value.
For further information, please contact:
Mr. Eric Klein Chief Executive Officer Email:
erklein25@gmail.com
Forward Looking Information
This news release contains statements about
future opportunities which may be available to the Company and the
prospectivity of such opportunities, which are forward-looking in
nature and, as a result, are subject to certain risks and
uncertainties, such as risks associated with the identification and
acquisition of future assets upon terms acceptable to the Company
or at all. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, undue
reliance should not be placed on them as actual results may differ
materially from the forward-looking statements. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include the availability of alternative
opportunities, the accretive nature of any future acquisitions,
results from exploration activities and future determinations as
plans are refined. The forward-looking statements contained in this
press release are made as of the date hereof, and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, except as required by
law.
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