Here's what we've all been waiting for:
Gold property in Peru to be acquired; 480,000 unit private placement
Cora Resources Ltd KRA
Shares issued 7,599,090 Apr 23 close $0.33
Thu 24 Apr 97 News Release
Mr Irvin Ridd reports
The company has entered into an agreement providing for the acquisitin of
an interest in the 1,000 hectare Berthita property in southeast Peru. To
acquire an 80% interest in the property area, Cora will be required to make
payments totalling US$130,000 over 1.5 years, incur exploration
expenditures of at least $500,000 over four years and issue 100,000 shares
to the Peruvian vendor. The property area is subject to a 2% nsr royalty.
A finder's fee is payable in cash.
The Berthita concession is approximately 450km southeast of Lima, Peru and
is accessible by road in an area known as the Huando mineralized district
where, for more than 50 years, lead, copper and zinc have been mined. The
Mina El Angel deposit is the main polymetallic deposit being mined in the
region.
The company has agreed to a private placement of 480,000 units at $0.25,
each unit consisting of one share and one two year warrant to purchase an
additional share for $0.25 during the first year and for $0.29 during the
second year.
The company has agreed that if it files an exchange offering prospectus
during the hold period attached to any shares issued in connection with the
private placement, it will take such steps as necessary to have these
shares qualified for trading under that prospectus.
Cora will use the proceeds to finance acquisition and exploration costs on
the Berthita concession and other related acquisition and exploration costs
for its South American exploration and development program.
Following VSE acceptance for filing of the acquisition, Cora will conduct
the first phase of a gold exploration program on the prospect. In addition,
Cora is currently negotiating the acquisition of interests in several
additional property areas in Peru from native Peruvians. |
