Pershimco Resources Announces the Acquisition of 13 Claims on the Courville Property in Abitibi, an Issue of Shares for Debt, as Well as the Issuance of Stock Options
Monday May 28, 7:37 pm ET
biz.yahoo.com
ROUYN-NORANDA, QUEBEC--(CCNMatthews - May 28, 2007) - Pershimco Resources (TSX VENTURE:PRO - News; FSE:BIZ) (the "Corporation") announces the acquisition of thirteen (13) claims on the Courville property in Abitibi (the "Property"). Subject to the TSX Venture Exchange approval and the approval of any other securities authority, the Corporation will issue one hundred twenty thousand (120,000) Class "A" shares of the Corporation (the "Common Shares") in partial payment of the purchase price of the Property, as outlined in the Option to Purchase Agreement relating to the Property, entered into between the Corporation and the Thibodeau family on November 2, 1999. The purchase price totals $250,000, payable through the issuance of one hundred twenty thousand (120,000) Common Shares at a price of $1.05 per Common Share, on one hand, and $124,000 payable in cash, on the other.
Subject to the TSX Venture Exchange approval and the approval of any other securities authority, the Corporation will also issue fifty-one thousand (51,000) Common Shares in payment of professional fees rendered by Seguin Racine, Attorneys. These fees amount to $53,750, meaning that Pershimco will issue fifty-one thousand (51,000) Common Shares at a price of $1.05 per Common Share.
Furthermore, during the month of May 2007, the Corporation approved the granting of the following stock options (the "Options") to certain employees and the following directors of the Corporation: Mr. Roger Bureau, President, Chief Executive Officer and Director (400,000 Options), Mr. Alain Bureau, Vice-President Operations and Special Projects (200,000 Options), Mr. Jacques Fortin, Director (100,000 Options), Mr. Jean Lafleur, Director (100,000 Options) and Mr. Jean-Yves Laliberte, Director (100,000 Options). Said Options are part of the Corporation's compensation plan. The exercise price of said Options is $0.90 per Common Share, the market price of the Corporation's Common Shares on May 8, 2007. The Corporation intends to shortly finalize the stock option agreements and respective conditions with such individuals.
About Pershimco Resources
Pershimco Resources is a Canadian-based junior resource and exploration company trading under the symbol PRO on the TSX Venture Exchange. The Corporation holds one hundred percent (100%) of several mining properties including the Courville Gold Project, near the Val-d'Or Gold Mining Camp. The Corporation has an option to acquire one hundred percent (100%) of a number of Canadian and Mexican properties including multiple properties in the State of Chihuahua, Mexico. The Corporation's wholly owned San Miguel Silver-Zinc Property, in the Cusi Mining District, is under option to Dia Bras Exploration (TSX-V: DIB - News).
The Corporation's strategy is to advance its exploration properties towards metal reserves and eventual production, which also covers the exploration and development of the Courville Gold Project.
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of the content herein.
Contact:
866-460-0408
Paradox Investor Relations
514-341-1527 (FAX)
infoparadox@qc.aira.com
www.pershimco.ca
Source: PERSHIMCO RESOURCES INC. |
