New Cantech to sell 50% interest in Reed Lake licences
2007-10-31 13:27 ET - News Release
Mr. James Jacuta reports
NEW CANTECH VENTURES INC.: ANNOUNCEMENT REGARDING ADDITIONAL REED LAKE MINERAL PROPERTIES IN MANITOBA
New Cantech Ventures Inc. has entered into letter agreements with Canasia Industries Corp. and International Samuel Exploration Corp. on Manitoba mineral exploration licences 332A and 333A.
New Cantech holds a 50-per-cent interest in the mineral licences and has agreed to sell one-half of its 50-per-cent interest to Canasia and the remaining one-half to Samuel. The purchase price payable by Canasia and Samuel to New Cantech for legal and beneficial interest in and to the mineral licences is 400,000 common shares of Canasia and 400,000 common shares of Samuel, plus staking costs estimated at $6,500 from each company. In addition, New Cantech will be entitled to a 0.5-per-cent net smelter royalty (NSR) from Canasia and 0.5-per-cent NSR from Samuel, of which each company may purchase 0.25 per cent at any time for $250,000.
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