News Releases
June 19, 2009
Sale Of Interest In Bua Usa, Llc
Vancouver, British Columbia, Canada, June 19, 2009 - Ringbolt Ventures Ltd. has entered into a share purchase agreement for the sale of all its shareholding interest in BUA USA, LLC to Wendy Walker Tibbetts.
The Company holds 90% of the issued and outstanding equity in BUA and the Purchaser holds the remaining 10%. The purchase price of the equity interest in BUA is US$450,000. In addition, the Purchaser will be responsible for all property payments required to maintain BUA's properties due on or before June 13, 2009 or prescribed deadline date in regard to the mineral exploration permits located in the State of Arizona in the approximate amount of US$96,000 and property payments due on or before August 8, 2009 or prescribed deadline date in regard of the mineral exploration leases located in the State of Utah, which is estimated in the approximate amount of US$63,000.
Under the terms of the share purchase agreement, the Company will also receive a 1% gross overriding royalty interest in the Utah State leases and Arizona State permits owned by BUA and any future extensions and renewals thereof, as well as permit pending Federal potash properties in Utah. The gross overriding royalty interest in the leases will be calculated in the same manner as the royalty interests reserved for the state of Utah or the state of Arizona, depending on the state in which such lease is situated.
The share purchase agreement is subject to the approval of the TSX Venture Exchange and the Company's shareholders.
On behalf of the Board of Directors
Simon Tam, Director
Cautionary Statement Regarding Forward-Looking Information
Neither 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. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.
Ringbolt Ventures Ltd. seeks safe harbor.
|
