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CanAsia to acquire gold/silver property in Mexico

Posted on: Tue, 09 Jun 2009 05:55:00 EDT

Symbols: CANSF

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Jun 09, 2009 (M2 EQUITYBITES via COMTEX) --
CANSF | Quote | Chart | News | PowerRating -- CanAsia Industries Corporation (FRANKFURT: 45C), a company engaged in
the acquisition and development of mineral properties in Canada, today
(9 June) announced that the company has entered into a letter agreement
with Exploraciones Las Joyas SA de CV, a company engaged in the
business of mineral exploration in Mexico, and the two shareholders of
Exploraciones.

Under the terms of the letter agreement, the company has agreed to
enter into a definitive agreement to purchase all of the issued and
outstanding common shares in the capital of Exploraciones from the
shareholders in consideration for the company issuing 8,000,000 common
shares to the shareholders.

The parties have agreed to enter into a definitive agreement on or
before 15 June 2009, and have also agreed to close the proposed
transaction on or before 31 July 2009, or such other date as the
parties may agree to in writing.

Completion of the proposed acquisition will be subject to certain
conditions, including completion of each party's satisfactory due
diligence review of the other - the financial condition, business and
properties of each. It will also include receipt of all necessary
regulatory approvals, including those of the TSX Venture Exchange, the
completion of audited and interim financial statements of Exploraciones
as required by applicable securities laws and the closing of the
definitive agreement.

The company said that subject to exchange approval, it intends to issue
the maximum payable finders fee in common shares to one finder upon the
closing of the definitive agreement, in consideration for services
provided by the finder with respect to the transaction.

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