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News Releases
March 24, 2010
Ringbolt Ventures Agreement for Roaring River Property
The TSX Venture Exchange has accepted for filing a property option agreement dated Jan. 13, 2010, between Kalac Holdings Ltd., Frontier Asset Management Ltd. and Ringbolt Ventures Ltd. The company has acquired the option to earn 100 per cent of the right, title and interest subject to a 2-per-cent net smelter return in and to the Roaring River property, Thunder Bay mining district, Ontario. To earn its interest, the company must pay $210,000 cash and issue two million shares over four years as follows:
$210,000 cash and two million shares within five days of exchange acceptance. The payment shall be paid to the optionors as follows: $70,000 and 600,000 shares to Kalac Holdings Ltd., and $140,000 and 1.4 million shares to Frontier Asset Management Ltd.
And spend $1-million on exploration of the property over four years as follows:
- $60,000 on or before April 10, 2010;
- $140,000 on or before Oct. 31, 2010;
- $200,000 on or before Jan. 31, 2012;
- $300,000 on or before Jan. 31, 2013;
- $300,000 on or before Jan. 31, 2014.
The optionor may buy back 1 per cent of the net smelter royalty for $1-million.
Disclaimer and 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.
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