Suburban Minerals Signs Diamond Concession Rights Acquisition Agreement
January 30 2014 - 6:00AM
Marketwired
Suburban Minerals Signs Diamond Concession Rights Acquisition
Agreement
HENDERSON, NV--(Marketwired - Jan 30, 2014) - Suburban Minerals
Corp. (OTC Pink: SUBB) announced today the signing of the
acquisition agreement to acquire the exploration, production and
commercialization rights to a Diamond Concession in the Republic of
Central Africa.
According to the agreement, the company will acquire the Diamond
Concession Rights located in the Republic of Central Africa for a
total of 300 million restricted common shares of Suburban Minerals
at a price of $0.20 and 10 million convertible preferred shares at
a price of $10.00, establishing the acquisition price at $160
million USD. Each Preferred share is convertible into 50
common shares of the company upon Suburban Minerals receiving
financing in the amount of $300 million USD from the
Intergovernmental Organization.
In addition to the issuance of common and preferred shares,
Suburban Minerals will pay a royalty of 2.5% of gross profits to
the Intergovernmental Organization and 10% of the operational
budget up to a maximum payment of $500,000 yearly.
The company expects to complete due diligence, satisfy all
regulatory requirements and close the acquisition on or before
February 28, 2014.
"This is another significant milestone for our company, our
shareholders and stakeholders," said Tim Sperling, President &
CEO of Suburban Minerals Corp. "This acquisition is the stepping
stone for the creation of sustainable value."
About Suburban Minerals
Corp.
Suburban Minerals Corp is a publicly traded company seeking to
acquire and operate producing mines in challenging world economies,
to provide the highest return on investments and create long term
sustainable value to its shareholders.
Safe Harbor Statement: This press release contains statements,
which may constitute forward-looking statements within the meaning
of the Securities Act of 1933 and the Securities Exchange Act of
1934, as amended by the Private Securities Litigation Reform Act of
1995. Those statements include statements regarding the intent,
belief or current expectations of Suburban Minerals Corp., members
of their management, and assumptions on which such statements are
based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking
statements.
Contact: Tim Sperling President & CEO Email:
info@suburban-minerals.com Phone: 702-664-1334
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