ASW: TSX.V
VANCOUVER,
March 3, 2014 /PRNewswire/ - Anglo
Swiss Resources Inc. (ASW: TSX-V, ASWRF: PK) ("Anglo Swiss" or the "Company") is
very pleased to announce that it has entered into a binding letter
agreement dated March 3, 2014 (the
"Letter Agreement") to sell its Kenville Gold Property (the
"Property"), located in southeastern BC, to 0995237 B.C. Ltd., a
private BC based company. The closing date of this arm's length
transaction shall not be later than 60 days following the date of
the execution of the Letter Agreement.
Total consideration for the purchase of the
Property is CDN$5,900,000 which shall
be satisfied by the delivery to Anglo
Swiss of a $100,000
non-refundable deposit within seven (7) days of execution of this
Letter Agreement, a payment of $800,000 on or before 60 days following the
execution of this Letter Agreement and five (5) payments totaling
$5,000,000 with annual payments of
$1,000,000 starting on or before the
third anniversary following the closing date.
Jari Paakki, CEO
commented, "Completion of this transaction will provide the Company
with important short term cash in one of the most stagnant junior
mining markets in recent history. It allows us to move forward with
our rebranding initiatives that we believe will greatly improve the
Company's future ability to grow and increase shareholder value,
and also provides future cash to sustain working capital,
minimizing long-term financings and share dilution."
Completion of the transaction is subject to a
number of conditions, including, but not limited to, confirmatory
due diligence, the receipt of all required regulatory approvals,
including the approval of the TSX Venture Exchange, and approval of
the shareholders of Anglo Swiss.
Additional information regarding this proposed
transaction will be provided in the management information circular
that will be mailed to registered shareholders and filed on SEDAR
at http://www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Jari Paakki, P.Geo.
CEO
About Anglo
Swiss:
Anglo Swiss Resources Inc. is a Canadian-based exploration company.
Current assets include its Kenville
Gold and Blu Starr Flake Graphite properties in southeastern
BC. The Company has recently entered into an agreement in
principle to acquire gold exploration properties in Sweden (see news release dated February 12, 2014). Further information about the
Company may be found at http://www.anglo-swiss.com or at
http://www.sedar.com.
Cautionary Note Regarding Forward-Looking
Statements: Certain statements made herein may contain
forward-looking statements or information within the meaning of
Canadian securities laws. Such forward-looking statements or
information include, but are not limited to, statements or
information with respect to Anglo Swiss Resources' plan for future
exploration and development of its properties. Forward-looking
statements or information are based on a number of estimates and
assumptions and are subject to a variety of risks and
uncertainties, which could cause actual events or results to differ
from those reflected in the forward-looking statements or
information. Should one or more of these risks and uncertainties
materialize, or should underlying estimates and assumptions prove
incorrect, actual results may vary materially from those described
in forward-looking statements or information. For example,
there is no certainty, that any economically viable mineral deposit
will be located on the Property, or that the Company will be able
to raise sufficient capital to complete all of its exploration and
drill programs. Accordingly, undue reliance should not be placed on
forward-looking statements or information. Anglo Swiss does not expect to update
forward-looking statements or information continually as conditions
change, except as may be required by securities law.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release
SOURCE Anglo Swiss Resources Inc.