TORONTO, ONTARIO -- (Marketwired) -- 04/30/13 -- Mag Copper Limited ("Mag Copper" or the "Company") (CNSX: QUE) announces that it has entered into an agreement of purchase and sale dated April 29, 2013, with 2207457 Ontario Inc., as purchaser, providing for the sale of Massey Copper Company Limited ("Massey Copper") for consideration of $200,000. Massey Copper is the beneficial owner of a 100% undivided legal and beneficial interest in 6 patented and 20 unpatented mining claims located in the Townships of Salter and May, District of Sudbury, Ontario.
The purchaser is controlled by Greg Gibson, a Director and Chairman of Mag Copper. Mag Copper is relying on exemptions from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 based on financial hardship and the fact that the common shares of the Mag Copper are listed on the Canadian National Stock Exchange. A material change report in connection with the sale of the property will be filed less than 21 days before the closing of the transaction. This shorter period is reasonable and necessary in the circumstances as Mag Copper requires the funds to make an option payment with respect to its flagship Fabie Bay and Magusi properties.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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.
The Canadian National Stock Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Mag Copper Limited
President and CEO
Most Popular Stories
- Toxic Algae Threatens Florida Fishing, Tourism
- Hispanic Groups Lead Voter Registration Drive
- Eva Mendes Gives Birth to a Baby Girl
- Plus-Size iPhones Live Up to The Hype
- Fed Signals It Will Keep Key Rate at Record Low
- FedEx Adding 50,000 Holiday Jobs
- Stocks Rise Before Fed Statement
- Occupy Wall Street Buys Up Student Debt
- Cool Features on Today's New iOS 8
- Kohl's Hiring 67,000 for the Holidays