Vancouver, BC / ACCESSWIRE / May 5 2014 / Canadian International Minerals Inc. (CIN-TSX.V, the "Company") announces that it has acquired a 100% interest in the private Reindeer River Syndicate (the "Syndicate"). The Syndicate had acquired 100% interest in 33 claims totalling 67,350 hectares (166,422 acres) by staking.
The Company originally held a 25% interest in the Syndicate (see news release dated March 13, 2014) and has now entered into a Purchase Agreement to acquire the remaining 75% interest from the other Syndicate holders, by paying a total of $50,700 and issuing a total of 3,000,000 common shares. The 75% Syndicate holders will retain a 3% royalty of which the Company may purchase 1% for $250,000 and a further 1% for $1,500,000 at any time. The Syndicate holders have agreed to a voluntary pooling whereby 25% of the shares will be eligible to trade after expiry of the four month and one day regulatory hold periods, 50% will be free-trading three months thereafter and the remaining 25% will be free-trading six months thereafter.
The transaction is subject to the acceptance of the TSX Venture Exchange.
A comprehensive presentation on the Reindeer Syndicate property as well as the Company's other Saskatchewan diamond properties can be found on the Company's website www.cin-v.com under Diamond Quest in Northern Saskatchewan.
On behalf of the Board of Directors,
Michael E. Schuss
President and Chief Executive Officer
For further information on Canadian International Minerals Inc. please visit the Company's website at www.cin-v.com or contact Michael E. Schuss at 604-241-2254.
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.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Canadian International Minerals Inc. undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Leave a comment...