Micrex Development Corp.: Acquisition of Quebec Granite Property
January 06 2014 - 4:04PM
Marketwired
Micrex Development Corp.: Acquisition of Quebec Granite Property
CALGARY, ALBERTA--(Marketwired - Jan 6, 2014) - Micrex
Development Corp. (TSX-VENTURE:MIX) announced that it has closed
its previously announced acquisition of a 100% interest in a
granite claim located near Saint-Alexis-des-Monts, Quebec. The
property is comprised of one claim covering approximately 88 acres
and has operated as a quarry for a number of years.
The Company has agreed to pay $780,000 for the property, of
which $150,000 was paid on closing and $100,000 to be paid in
1,000,000 treasury shares at a deemed price of $0.10 at closing. In
addition $100,000 will be paid on each of the second, third, fourth
and fifth anniversary dates of closing and $30,000 will be paid on
the sixth anniversary date. Micrex shall have the right to elect
annually to pay part or all of each annual payment in treasury
shares at the then current market price. In addition, the vendor
will receive a production royalty of 20% of net sales to be paid
quarterly until such time as a total of $100,000 has been paid.
The Company has raised $300,000 in 3 year notes, principally
from insiders, which will carry a 5% interest rate plus a 5% sales
royalty on sales from the granite quarry until repaid, and then a
2% royalty until the Company repurchases the royalty for a total of
$300,000. $150,000 of these funds were used to acquire the granite
property, with the balance going toward working capital.
Stan Marshall, President of Micrex stated, "The acquisition of
this property should provide the Company with a source of cash flow
which would cover its general and administrative costs, enable it
to be able to continue to develop its magnetite properties and
investigate other opportunities. Our immediate focus is to expand
on the granite and stone business just acquired."
Historically the quarry has produced and sold paving stones,
countertops, building siding, architectural granite as well as
granite curbstones used by Montreal and some other cities in
Eastern Canada. In addition there are currently over 300,000 tons
of granite tailings at the site which Micrex is going to develop as
bedding ballast for railroads with the fines that are left being
used in asphalt for roads. The market price per ton for these last
two products are $20 and $6 respectively.
Micrex Development Corp. is a mineral exploration company based
in Alberta, Canada with properties in North America.
Visit www.mixcorp.com for further details.
MICREX DEVELOPMENT
CORP.
Burmis
Magnetite/Titanium Property • St. Charles de Bourget
Magnetite/Titanium Property • Fort Steele Placer Property • Bighorn
Gold Mine • Mount Royal Gold Mine • Deadwood Gold Mine • Sunburst
Gold Property
NEITHER THE
TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
FORWARD-LOOKING
STATEMENTS
Certain statements in this news release are "forward-looking
statements", which reflect management's expectations regarding its
property and business operations. All statements other than
statements of historical fact contained in this news release are
forward-looking statements. Such forward-looking statements involve
risks and uncertainties, as they reflect management's current
beliefs and are based on information currently available to
management. Actual results may differ materially from those
anticipated in the statements made. The forward-looking statements
are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements are made as of the date
of this news release and Micrex assumes no obligation to update or
revise them to reflect new events or circumstances except as
expressly required by applicable securities law. Further
information regarding the uncertainties and risks can be found in
the disclosure documents filed by Micrex with the securities
regulatory authorities, available at www.sedar.com.
A mineral
exploration and development company operating in Canada and the
United States
SEC 12 g (3)
Exemption 82-4281
Micrex Development Corp.Perry Meszaros(780) 448-0922Micrex
Development Corp.S.E. Marshall(780)
448-0922mixinfo-1@mixcorp.comwww.mixcorp.com
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