Canadian International Minerals Inc. (CIN-TSX.V) acquires 100% interest in Reindeer River Syndicate in Saskatchewan Pikoo Dia...
May 05 2014 - 4:53PM
Access Wire
Vancouver, BC / ACCESSWIRE / May 5 2014 /
Canadian International Minerals Inc. (CIN-TSX.V, the "Company")
announces that it has acquired a 100% interest in the private
Reindeer River Syndicate (the "Syndicate"). The Syndicate had
acquired 100% interest in 33 claims totalling 67,350 hectares
(166,422 acres) by staking.
The Company originally held a 25% interest
in the Syndicate (see news release dated March 13, 2014) and has
now entered into a Purchase Agreement to acquire the remaining 75%
interest from the other Syndicate holders, by paying a total of
$50,700 and issuing a total of 3,000,000 common shares. The 75%
Syndicate holders will retain a 3% royalty of which the Company may
purchase 1% for $250,000 and a further 1% for $1,500,000 at any
time. The Syndicate holders have agreed to a voluntary pooling
whereby 25% of the shares will be eligible to trade after expiry of
the four month and one day regulatory hold periods, 50% will be
free-trading three months thereafter and the remaining 25% will be
free-trading six months thereafter.
The transaction is subject to the acceptance
of the TSX Venture Exchange.
A comprehensive presentation on the Reindeer
Syndicate property as well as the Company's other Saskatchewan
diamond properties can be found on the Company's website
www.cin-v.com under Diamond Quest
in Northern Saskatchewan.
On behalf of the Board
of Directors,
Michael E. Schuss
President and Chief Executive Officer
For further information
on Canadian International Minerals Inc. please visit the Company's
website at www.cin-v.com or
contact Michael E. Schuss at 604-241-2254.
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.
CAUTION
CONCERNING FORWARD-LOOKING STATEMENTS: Some of the statements
contained herein may be forward-looking statements which involve
known and unknown risks and uncertainties. Without limitation,
statements regarding potential mineralization and resources,
exploration results, and future plans and objectives of the Company
are forward-looking statements that involve various risks. The
following are important factors that could cause the Company's
actual results to differ materially from those expressed or implied
by such forward-looking statements: changes in the world wide price
of mineral commodities, general market conditions, risks inherent
in mineral exploration, risks associated with development,
construction and mining operations, the uncertainty of future
profitability and the uncertainty of access to additional capital.
There can be no assurance that forward-looking statements will
prove to be accurate as actual results and future events may differ
materially from those anticipated in such statements. Canadian
International Minerals Inc. undertakes no obligation to update such
forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on such forward-looking statements.
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