Star Minerals Group Ltd. Announces Definitive Agreement With Shane Resources Ltd.
18 Dezember 2013 - 8:14PM
Marketwired
Star Minerals Group Ltd. Announces Definitive Agreement With Shane
Resources Ltd.
SASKATOON, SASKATCHEWAN--(Marketwired - Dec 18, 2013) - Star
Minerals Group Ltd. ("Star" or the "Company") (TSX-VENTURE:SUV) is
pleased to announce that it has entered into an asset purchase
agreement (the "Purchase and Sale Agreement") with Shane Resources
Ltd. ("Shane"), whereby Star agreed to purchase the Don's Lake,
Munroe and Brownell claims held by Shane, as well as a net smelter
royalty granted by Golden Band Resources Inc. (the "Purchased
Assets"), subject to certain conditions (the "Transaction"). The
Transaction is considered to be a Non-Arm's Length transaction
pursuant to the policies of the TSX Venture Exchange by virtue of
Mr. Kozuska being a director of both companies.
Under the terms of the Purchase and Sale Agreement, Star has
agreed to purchase the Purchased Assets for an aggregate
consideration of $655,000, payable as to $55,000 in cash and the
balance in common shares of Star (the "Consideration Shares"). The
deemed price of the Consideration Shares will be $0.05 in
accordance with the terms of the Purchase and Sale Agreement,
representing the minimum allowable issuance price of the
Consideration Shares as prescribed by the policies of the TSX
Venture Exchange as determined at the date of the Purchase and Sale
Agreement, resulting in an aggregate of 12,000,000 Consideration
Shares to be issued.
The Consideration Shares will be subject to a statutory hold
period expiring four months after the date of their issuance.
The closing of the Transaction is subject to customary
conditions precedent and closing conditions, including (i) Shane
shareholder approval; (ii) in respect of the Don's Lake property,
Claude Resources Inc. having waived its right of first refusal or
allowed it to lapse; and (iii) applicable regulatory approvals,
including the approval of the TSX Venture Exchange.
About Star Minerals Group Ltd.
Star is a Canadian based entity focused on the strategic
acquisition and development of resource properties on a worldwide
basis.
For more information, please visit our website at
www.starminerals.ca.
Forward Looking Statements
This news release contains certain statements which constitute
forward-looking statements or information ("forward-looking
statements"), including statements regarding the Transaction. Such
forward-looking statements are subject to numerous risks and
uncertainties, some of which are beyond Star's control, including
the impact of general economic conditions, industry conditions,
volatility of commodity prices, currency fluctuations, competition
from other industry participants, stock market volatility and the
ability to access sufficient capital from internal and external
sources. Although Star believes that the expectations in its
forward-looking statements are reasonable, they are based on
factors and assumptions concerning future events which may prove to
be inaccurate. Those factors and assumptions are based upon
currently available information. Such statements are subject to
known and unknown risks, uncertainties and other factors that could
influence actual results or events and cause actual results or
events to differ materially from those stated, anticipated or
implied in the forward looking information. Such factors may
include, but are not limited to, the ability of Star to complete
the Transaction and to satisfy the conditions precedent and closing
conditions thereto. As such, readers are cautioned not to place
undue reliance on the forward looking information, as no assurance
can be provided as to future results, levels of activity or
achievements. Other factors that could materially affect such
forward-looking statements are described in the risk factors in the
most recent management's discussion and analysis that is available
on the Company's profile on SEDAR at www.sedar.com. Readers are
cautioned that the foregoing list of factors is not exhaustive. The
forward-looking statements contained in this document are made as
of the date of this document and, except as required by applicable
law, Star does not undertake any obligation to publicly update or
to revise any of the included forward-looking statements, whether
as a result of new information, future events or otherwise. The
forward-looking statements contained in this document are expressly
qualified by this cautionary statement.
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.
Star Minerals Group Ltd.Jim
Engdahl306-664-3828306-244-0042info@staruranium.comwww.starminerals.ca
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