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Sniper Resources Completes Documentation for Weepah Purchase
|By Marketwired .
|August 7, 2014 02:16 PM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/07/14 -- Scott Baxter, President and CEO of Sniper Resources Ltd. (TSX VENTURE: SIP) ("Sniper" or the "Company") is pleased to announce:
Acquisition of Weepah Gold Property, Nevada
Sniper has completed all formal documentation including the required approval of Cordilleran Exploration Company ("Cordex") to acquire a 100% interest in the Weepah gold property ("Weepah") in Esmeralda County, Nevada from Columbus Gold (US) Corporation ("Columbus"). (news release of July 2, 2014.) Weepah was previously held under an option agreement.
Pursuant to the Agreement Sniper will purchase the 100% interest as follows:
a. upon TSX approval of the Agreement Sniper will issue to Columbus
7,647,503 shares which, when added to Sniper shares already held by
Columbus, will total 12,785,503 shares (19.99% of Sniper's then issued
capital) to acquire an initial 50.01% beneficial interest in Weepah, and
b. on July 1, 2017 Sniper will issue to Columbus additional shares which,
when added to 12,785,503, will be a sum to equal 19.99% of the then
issued capital to acquire the final 49.99% beneficial interest in
Columbus will retain a 1% Net Smelter Return royalty ("NSR") which may be purchased for US$1,500,000. Additionally Sniper must comply with certain terms of an underlying agreement with Cordex including a 2% NSR and a US$10,000 per annum advance royalty commencing July 1, 2016.
The Weepah acquisition remains subject to acceptance by the TSX Venture Exchange which is expected prior to August 31, 2014. All shares to be issued will be subject to a four-month hold period from the date of issue.
The shares-for-debt settlement announced July 2, 2014 is still outstanding and remains subject to regulatory approval which is expected prior to August 31, 2014.
About Sniper Resources Ltd.
Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. Sniper owns a 100% interest in the Laura exploration property and is acquiring at 100% interest in the Weepah property, all in Nevada.
For further information about Sniper Resources and its Nevada projects please contact Mr. Scott Baxter, President and CEO at (604) 263-5614 or via email [email protected].
To subscribe to Sniper's newsletter, The Sniper News, email us at [email protected]
Please visit the Sniper Resources Ltd. website at www.sniperresources.com
Sniper Resources Ltd.
Scott Baxter, President and CEO
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Neither the 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.
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