Dagilev Capital to Consolidate 100% Ownership In Salave Gold Deposit
March 18 2010 - 10:57AM
Marketwired
Dagilev Capital Corp. (TSX VENTURE: DCC.P) ("Dagilev") is pleased
to announce that it has entered into an agreement dated March 17th,
2010 (the "Acquisition Agreement") to acquire approximately 5% of
the issued and outstanding securities of Exploraciones Minera del
Cantabrico S.A. ("EMC") for the sum of EUR 600,000 Euros payable on
closing. Closing is subject to acceptance for filing with the TSX
Venture Exchange.
This interest, together with the approximate 95% interest in EMC
which Dagilev is acquiring from Rio Narcea Gold Mines Ltd. ("Rio
Narcea"), a subsidiary of Lundin Mining Corporation (TSX: LUN)(OMX:
LUMI), will result in Dagilev owning 100% of the issued and
outstanding securities of EMC.
EMC owns a 100% interest, subject to certain royalties due to a
third party, in the Salave Gold Deposit located in the Principality
of Asturias, Spain. Salave is one of the highest grade and largest
undeveloped gold deposits in Western Europe. Further details on the
Salave Gold Deposit, the agreement with Rio Narcea and Dagilev's
qualifying transaction are set forth in Dagilev's news release
dated February 11, 2010.
Dagilev has also entered into loan agreements dated March 17,
2010 with certain lenders (the "Lenders") pursuant to which the
Lenders have agreed to lend Dagilev the aggregate principal amount
of $850,000. The loan will bear interest at the rate of 5% per
annum, payable quarterly, and will be repayable two years from the
date of the EMC acquisition or the date that Dagilev completes an
equity financing of not less than $2,000,000. As a bonus for the
loan, the Lenders will be issued an aggregate of 340,000 common
shares of Dagilev.
Sponsorship
Sponsorship of a qualifying transaction of a capital pool
company is required by the TSXV unless exempt in accordance with
TSXV policies. The Company intends to apply for an exemption from
sponsorship requirements, however, there is no assurance that the
Company will be able to obtain this exemption.
Completion of the transaction is subject to a number of
conditions, including but not limited to, TSXV acceptance and if
applicable pursuant to TSXV requirements, majority of the minority
shareholder approval. Where applicable, the transaction cannot
close until the required shareholder approval is obtained. There
can be no assurance that the transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the transaction, any information released or
received with respect to the transaction may not be accurate or
complete and should not be relied upon. Trading in the securities
of a capital pool company should be considered highly
speculative.
ON BEHALF OF THE BOARD
Cary Pinkowski, Chief Executive Officer and Director
The TSXV has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents
of this press release.
Contacts: Dagilev Capital Corp. Cary Pinkowski 604-694-1600
604-694-1663 (FAX) cp@cpcapital.ca
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