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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (1289)	5/15/2013 7:15:16 PM
From: small pockets	Read Replies (1) \| Respond to of 203158

Sunrise renegotiates Timothy property acquisition 2013-05-15 16:09 ET - News Release Shares issued 17,955,211 SHI Close 2013-05-14 C$ 0.15 Mr. Irvin Eisler reports SUNRISE RE-NEGOTIATES ACQUISITION OF INTEREST IN TIMOTHY PROPERTY On March 1, 2013, Sunrise Resources Ltd. stated that it had entered into a letter of intent with Northland Metals Corp. in order for Sunrise to purchase an undivided 20-per-cent interest in the Timothy property. Sunrise already owns an undivided 40-per-cent interest, and wishes to gain control of the Timothy property and carry out a drill program. The consideration for the purchase was to be the issuance of 3,736,800 common shares of Sunrise. As a result of the sudden increase in the price of Sunrise's common shares, Sunrise management renegotiated the transaction, and Sunrise will now be purchasing an undivided 60-per-cent interest in the Timothy property in consideration of the original number of shares. It is proposed that the transaction now take the form of a merger between Northland and a new Sunrise subsidiary to be incorporated for that purpose. The Northland shareholders will retain a 2-per-cent net smelter returns royalty with a $2.5-million buyout. This renegotiated transaction has not yet been documented, but that is expected to occur this week. The transaction is subject to various conditions, including approval of the TSX Venture Exchange as well as the board of directors of each company and the shareholders of Northland. As announced on May 7, 2013, Sunrise is in the process of arranging a financing in order to drill several properties including the Timothy property. Northland spent approximately $560,000 on an exploration program in 2011/2012, including, in particular, a Titan 24 DC induced polarization geophysical survey carried out by Quantec Geoscience Ltd. The survey produced exciting new results and identified multiple drill targets.