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Screw up de jour:
Monday June 24, 2:07 pm Eastern Time
Press Release
SOURCE: Mill City International Inc.
Mill City International Inc. - Ottish Mountains Update
CALGARY, June 24 /CNW/ - MILL CITY INTERNATIONAL INC. (MIY-TSX-V) (MIYN-OTC) ("Mill City" or the "Company") announces that it has entered into a further agreement relating to the previously announced acquisition of 188 Ottish Mountain Claims (approximately 8,780 Hectares) in the Ottish Mountains area, Quebec. Subsequent to entering into the original agreement and taking into account the recently announced pending reorganization, management of the Company determined that it would be in the Company's best interest to defer completing the acquisition as originally contemplated. As a result, Mill City and the Ottish Mountain Claims' owner entered into that further agreement pursuant to which Mill City paid a fee to reimburse the Claims' owner the staking costs in return for relieving the Company from any further obligations under the original agreement. Mill City has retained a right-of-first-refusal should any third party make an offer to acquire the Claims and further, Mill City has the right to have the Claims transferred to it in the event of the existing Claims' owner not wishing to keep the Claims in good standing.
As a result of this most recent agreement, Mill City is no longer required to complete the purchase which would have otherwise required Mill City to pay $90,000 and issue 1,250,000 common shares.
"Larry D. Revitt"
Larry D. Revitt, President
Regards
Vaughn |
