Significant exploration properties in Ontario to be acquired
International Larder Minerals Inc
LRDR
Shares issued 37556628
1997-01-20 close $0.15
Tuesday Jan 21 1997
News Release
Mr R. Brian Murray reports
International Larder Minerals Inc has entered into a letter of intent with Explorers
Alliance Corp to acquire all of its outstanding share capital through a one-for-one
exchange of Larder shares. This transaction will result in the issuance of 15 million
shares of Larder, in exchange for all of the outstanding shares of EAC. EAC holds
significant claim interests in the area of Timmins, Ontario.
At the time of acquisition, EAC will own approximately 79 mining properties containing
425 mining claim units in the townships of Byers, Cote, Godfrey, Jamieson,
Macdiarmid, Murphy, Reid and Robb. In addition EAC will hold under option or have a
right to acquire the whole of or an interest in approximately 236 mining claim units in
the townships of Godfrey, Jamieson, Reid, Mahaffy and Loveland in the district of
Cochrane.
Furthermore, EAC has signed a letter of intent with Falconbridge Limited to acquire a
50% interest in all of Falconbridge Limited's properties in the townships of Godfrey,
Jamieson, Macdiarmid, Reid, Mahaffy, Turnbull, Robb, Loveland and Cote comprising
approximately 742 mining properties comprising 864 mining claim units, along with
options or a right to acquire the whole of or an interest in approximately 254 mining
claim units in the townships of Godfrey, Jamieson, Reid, Mahaffy, Robb and Cote.
The agreement with Falconbridge Limited requires an expenditure of $7,250,000 to
acquire an equal interest in the properties.
These transactions are subject to the completion of definitive agreements, and the
approval by the respective boards of directors.
Upon completion of a previously announced private placement, Larder will have a total
of 60,122,081 shares outstanding. Upon the acquisition of EAC, Larder will have a
total of 75,122,081 shares outstanding. The completion of this transaction will not
result in a change of control of Larder, and no shareholder will hold more than 10% of
Larder's o
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