SUR Surge Exploration Inc

North Sur Resources Inc. (formerly, Petro Occidente Capital Corp. (TSX
VENTURE:SUR) (the "Company") is pleased to announce that it has closed its
previously announced qualifying transaction (the "Transaction"). As a result of
the completion of the Transaction, the Company has ceased to be a Capital Pool
Company (as defined in the policies of the TSX Venture Exchange (the "TSXV"))
and is expected to commence trading as a Tier 2 Mining Issuer on the TSXV on
August 14, 2013. In connection with the closing of the Transaction, the Company
has changed its name from Petro Occidente Capital Corp. to North Sur Resources
Inc. and has changed its trading symbol from "OPP.P" to "SUR".


In accordance with the terms and conditions of the agreement (as amended, the
"Agreement") entered into on March 7, 2013, between Manson Creek Resources Ltd.
("Manson"), Panarc Resources Ltd. and the Company, on closing of the Transaction
the Company acquired the right to earn 100% of Manson's interest in an option to
acquire a mining property located in the Northwest Territories (the "Property").
Panarc owns a 100% interest in and to the Property and granted Manson an option
to acquire such 100% interest, subject to 2.5% net smelter return royalty
retained by Panarc, pursuant to an agreement between Panarc and Manson dated
January 23, 2012, as amended on January 20, 2013 (the "Underlying Option"). 


In consideration of the assignment of the Underlying Option to the Company, the
Company has paid Manson $25,000 in cash and issued Manson 100,000 common shares
in the capital of the Company ("OPP Shares") concurrently with the closing of
the Transaction. The 100,000 OPP Shares issued to Manson are subject to a four
month hold period under applicable securities laws, which hold period expires
December 13, 2013. In addition, the Company has agreed to assume all of Manson's
rights and obligations under the Underlying Option, including required yearly
exploration expenditures (totalling up to an aggregate of $400,000 by 2016) and
certain cash payments (totalling up to an aggregate of $250,000 by 2016),
required to be made to Panarc to keep the Underlying Option in good standing for
each year that the Underlying Option remains in effect, other than with respect
to certain share issuance and cash payment obligations, which obligations will
be retained by Manson. The Company has also agreed to issue a further 100,000
OPP Shares to Manson on or about each of January 23, 2014 and January 23, 2015,
provided that the Underlying Option remains in effect on the applicable dates. 


If OPP exercises the option to acquire the Property pursuant to the terms and
conditions of the Agreement, then for a period of 60 days after such exercise
Manson will have a right to earn a 40% interest in the Property (the "Back-in
Right") by providing notice of the exercise of such Back-in Right and paying to
the Company, in cash, 40% of (i) all cash payments made by the Company, (ii) all
exploration expenses incurred by or on behalf of the Company, and (iii) the fair
market value on the date of issue of all the OPP Shares issued to Manson. 


Private Placement 

Concurrently with the closing of the Transaction, the Company has also completed
its previously announced non-brokered private placement (the "Financing") of
3,450,000 units (each, a "Unit") at $0.10 per Unit for aggregate gross proceeds
of $345,000. Each Unit consists of one OPP Share and one-half of one common
share purchase warrant (each whole common share purchase warrant, a "Warrant").
Each Warrant entitles the holder to acquire one additional OPP Share at an
exercise price of $0.20 until August 12, 2014. The OPP Shares issued pursuant to
the Financing, including OPP Shares issued on the due exercise of Warrants, are
subject to a four month hold period under applicable securities laws, which hold
period expires December 13, 2013. It is currently anticipated that the proceeds
from Financing will be used to execute the Company's Phase One exploration
program and for other general corporate purposes. 


Further information concerning the Phase One exploration program can be found in
the Company's Filing Statement dated July 30, 2013 filed under the Company's
profile on the SEDAR website at www.sedar.com.


Directors and Officers of the North Sur Resources Inc. 

The Board of North Sur Resources Inc. consists of Douglas Porter, Cornell
McDowell, Steven Pearson and Tom Lester. Officers of the Corporation consist of
Cornell McDowell - President and Chief Executive Officer and Douglas Porter -
Chief Financial Officer and Corporate Secretary. 


Biographies of all officers and directors of the Company can be found in the
Company's Filing Statement dated July 30, 2013 and filed under the Company's
profile on the SEDAR website at www.sedar.com.


Additional Information 

Further information concerning the Company, its directors and officers, the
Transaction and the Property can be found under the Company's profile on the
SEDAR website at www.sedar.com.


This news release does not constitute an offer to sell or a solicitation of an
offer to sell any securities in the United States. The securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available. 


This news release contains forward-looking statements. More particularly, this
press release contains statements concerning the proposed use of proceeds from
the Financing and the future development of the Property. Although the Company
believes in light of the experience of its officers and directors, current
conditions and expected future developments and other factors that have been
considered appropriate that the expectations reflected in these forward-looking
statements are reasonable, undue reliance should not be placed on them because
the Company can give no assurance that they will prove to be correct.
Forward-looking statements involve known and unknown risks, uncertainties,
assumptions and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking statements. The
forward-looking statements contained in this news release are made as of the
date hereof and the Company undertakes no obligations to update publicly or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, unless so required by applicable securities laws. 


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 press release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
North Sur Resources Inc.
Douglas Porter
Chief Financial Officer
(403) 206-1570
(403) 266-2606 (FAX)
doug@portervaluations.com

Surge Exploration (TSXV:SUR)
Historical Stock Chart
From Apr 2024 to May 2024

Surge Exploration (TSXV:SUR)
Historical Stock Chart
From May 2023 to May 2024