VANCOUVER, BC / ACCESSWIRE / June 21, 2017 / Tasca Resources Ltd. ("Tasca", "TAC" or the "Company") (TSX-V: TAC) (FSE: 3TA) is pleased to announce that it has entered into a non-binding Letter of Intent ("LOI") to option for sale to an arms-length private party ("Optionor"), its Bleiberg zinc-lead-germanium-fluorite project, located in southern Austria, west of the city of Villach (the "Bleiberg Property"). The Bleiberg Property consists of 116 mining concessions in the land registry municipalities of Bad Bleiberg, Nötsch im Gailtal, St. Stefan im Gailtal and Paternion in southwestern Austria.
The Optionor will have 45 days from the signing of the LOI to complete its due diligence on the Bleiberg Property in order to enter into a definitive option agreement with Tasca whereby the Optionor would acquire a 100% right, title and interest in the Bleiberg Property.
Subject to the completion of satisfactory due diligence and within 45 days of signing of the LOI, closing of a concurrent financing by the Optionor and the subsequent entry into the Option Agreement, the Optionor will acquire a 100% ownership in Bleiberg on closing of the Option Agreement which entails the Optionor:
- within 45 days from the signing of the LOI, and upon signing the Option Agreement, issuing 1 million common shares of the Optionor to TAC (or its assign) and paying CAD$60,000.00 to TAC.
- paying CAD$90,000 to TAC within 6 months of signing of the Option Agreement;
- paying CAD$100,000 to TAC within 12 months of signing of the Option Agreement.
The parties will have 20 days to close the transaction (including a concurrent financing by the Optionor) once the Option Agreement is signed.
For additional information regarding the above noted property and other corporate information, please visit the Company's website at www.tascaresources.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Clive Massey"
Clive H. Massey
President & CEO
For further information, please contact:
Tasca Investor Relations
Phone: (604) 644-6794
Email: [email protected]
Neither 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.
Forward-Looking Statements
This news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Tasca Resources Ltd. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Tasca Resources Ltd. management on the date the statements are made. Except as required by law, Tasca Resources Ltd. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Tasca Resources Ltd.