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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SynStream Energy Corp | TSXV:SHM | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.02 | 0.015 | 0.04 | 0 | 01:00:00 |
SACCHARUM ENERGY CORP. (TSX VENTURE:SHM) ("Saccharum" or "the Corporation") announced today that it has signed a Letter of Intent with Marifil Mines Ltd. (MFM: TSX-V) ("Marifil") and Marifil's Argentine subsidiary Oxbow Holdings Corp. ("Oxbow") in respect of the purchase of an interest in and the undertaking of an exploration program on the K-2 Potash property in Neuquen Province, Argentina. Saccharum has agreed to pay $10,000 for an exclusive 60 day due diligence period to confirm title and visit the property, and further has agreed to purchase all of the shares of Oxbow for a price of one cent per share. Marifil then agrees to restructure its underlying agreement with Oxbow whereby the Corporation can earn a 75% interest in the K-2 property. Saccharum will pay Marifil US$500,000 in cash plus 2,000,000 Saccharum common shares over three years. The first year's payment to Marifil will be US$150,000 in cash and 1,000,000 shares upon Saccharum's completion of a financing. The Corporation further agrees to spend US$4,500,000 in work over the next four years as follows: US$1,000,000 per year for the first three years and US$1,500,000 during the fourth year. Saccharum will pay Marifil performance bonuses of 1,500,000 shares upon completion of a positive NI 43-101 compliant ore resource and a further 1,500,000 shares following completion of a favourable Feasibility Study. If Saccharum's share structure exceeds 75,000,000 shares during this agreement the shares payable to Marifil shall be adjusted proportionately. Upon completion of Saccharum's earn-in all further expenditures shall be shared on the basis of the party's retained working interests. If a partner fails to pay its share that partner shall be reduced to a 1.5% Net Smelter Royalty. Saccharum shall have the right to purchase Marifil's royalty for US$15,000,000. Finally, Marifil also agreed to give Saccharum Right of First Offer for the Company's K-3 potash project located in neighboring Mendoza Province. Saccharum has also agreed to effect a restructuring of its Board of Directors by securing the appointment of Messrs. Todd Montgomery and Brent Walter as directors. In addition, the Corporation intends to complete a private placement financing in which it will issue common treasury shares priced at $0.50 to raise a minimum of $10,000,000 and a maximum of $20,000,000. Mr. Johannes Kingma, President of Saccharum, made the following comments on the execution of the Letter of Intent: "We believe this is an important development for Saccharum. It allows us to access and evaluate what may be significant potash resources in the Southern hemisphere, and affords us an opportunity to invite our partners from previous transactions, Messrs. Todd Montgomery and Brent Walter, to assist us in managing these operations. Mr. Montgomery was formerly President and CEO of Anglo Potash and Mr. Walter was a director of Anglo Potash. Both men guided Anglo through the discovery and development phase, brought in BHP Billiton to develop the potash deposit, and eventually sold Anglo's remaining 25% of the deposit for US$284,000,000. Bringing these gentlemen onto Saccharum's board will certainly lend credibility to the development of this project." This agreement is subject to approval by the Boards of Directors of Saccharum, Marifil, and Oxbow and the TSX. Saccharum has also completed a grant of stock options to certain members of its management and support team. In that regard, options to purchase 2,000,000 common shares at a price of $0.50 were granted in accordance with the Corporation's Stock Option Plan. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the granting of the options. General Disclaimer Saccharum and its management have taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Saccharum assumes no responsibility. Nor does Saccharum warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Saccharum be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission. Forward-Looking Statements This news release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. For further information regarding Saccharum Energy Corp., please refer to the Company's filings available on SEDAR (Http://www.sedar.com).
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