Actus Minerals Property Acquisition-Amendment to Proposed Financings
February 25 2011 - 7:44PM
Marketwired
Actus Minerals Corp. (TSX VENTURE: AAC) (the "Company") is pleased
to announce that it has received Exchange acceptance to its
previously announced (December 24, 2010) option agreement with
Beaufield Resources Inc. Under the finalized terms of the
agreement, for the Company to acquire a 50% interest, it must issue
an aggregate of 1,250,000 shares and expend $650,000 over a three
year period. The Company has issued 300,000 shares to Beaufield
pursuant to the terms of the agreement. These shares have a hold
period trading restriction expiring April 18, 2011.
The property, known as Casa Berardi, is located in the township
of the same name, in the province of Quebec. An exploration program
is being planned to include geological mapping, geochemistry and
trenching, directed towards drill target definition.
Also, in the December 24, 2011 news release the Company
announced two private placements, one consisting of flow-through
units and the other common shares of the Company. The Company was
unable at the time to complete the placements in a timely fashion.
The Company therefore wishes to announce that it has renegotiated
the common share placement. The placement will consist of the
issuance of up to 3,500,000 Units at a price of $0.06 per Unit.
Each Unit will consist of one common share and one share purchase
warrant entitling the holder to purchase an additional common share
of the Company at a price of $0.12 for a period of two years. Gross
proceeds raised of $210,000 will be used for additional working
capital for the Company.
The Company has also renegotiated the previously announced
flow-through unit which will now consist of the issuance of up to
1,250,000 flow-through units at $0.12 per unit. Each "Unit" will
consist of one flow- through common share and one non-transferable
share purchase warrant exercisable to purchase an additional common
share for a period of two years at a price of $0.20 per share. The
gross proceeds of up to $150,000.00 will be spent on general
exploration expenditures, which will constitute qualified Canadian
exploration expenditures, as defined in the INCOME TAX ACT (Canada)
and flow-through mining expenditures on the Company's prospects in
Quebec.
All securities issued pursuant to both private placements will
be subject to a four month hold period trading restriction.
The Company will pay a cash finders' fee of 7% of the gross
proceeds, on the foregoing transactions.
On behalf of the Board of Directors
James Henderson, Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Actus Minerals Corp. Investor Relations 604-678-9639
604-682-8094 (FAX)