The Optionor and an insider of the Company entered into the Option Agreement as of
The Company made the first anniversary payment to the Optionor on
The assignment of the Option Agreement may be a 'related party transaction' and therefore subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101') because the Company has assumed the obligations of a related party under the Option Agreement. However, Section 5.4(1) of MI 61-101 provides that such assumption does not require a formal valuation and Section 5.7(1)(a) of MI 61-101 provides that the Company is exempt from the requirement to obtain minority shareholder approval because the fair market value of any consideration received by the related party in connection with such assumption is less than 25% of the Company's market capitalization.
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Contact:
CEO
T: +1.416.628.5904
Email: d.noone@s2minerals.com
Forward-Looking Statements
This news release contains certain forward-looking statements, including, but not limited to, statements about the Option Agreement. Wherever possible, words such as 'may', 'will', 'should', 'could', 'expect', 'plan', 'intend', 'anticipate', 'believe', 'estimate', 'predict' or 'potential' or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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