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Canasia will pay the vendor, $75,000 cash, and issue 6,000,000 common shares of Canasia and grant a 3% net smelter return royalty, with an option to buy-back 1% for $1-million. The Company also has agreed to spend $250,000 by September 1, 2010, as well as an additional $250,000 by September 1, 2011, as a work commitment. This transaction is subject to TSX Venture Exchange ("Exchange") approval.
Schedule of payments would be the following:
- $25,000 upon signing (non-refundable);
- $25,000 and 3,000,000 common shares upon Exchange approval; and
- $25,000 and 3,000,000 common shares within twelve months of Exchange approval.
Graeme Sewell, a director of Canasia stated, "Becoming involved in this growth sector fits the strategy of Canasia. Managment is continually evaluating projects that could add value to the Company and feels that lithium is a commodity of the future. In addition to this new proposed acquisition, Canasia is currently drilling its Clone Gold Property and anticipates that the Debut Gold property, on which it has a joint venture with Kinross Gold, will commence drilling shortly."
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
CONTACT: Graeme Sewell, Director, Canasia Industries Corporation Tel: +1 877 225 6755 Fax: +1 604 689 1733 WWW: http://www.canasiaind.com e-mail: info@canasiaind.com
((M2 Communications disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
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