Southeast Asia Signs Agreement With Metal Tiger plc
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/23/15 -- Southeast Asia Mining Corp ("SEA" or the "Company") is pleased to announce the signing of a an Agreement with Metal Tiger plc ("Metal Tiger"), a London Stock Exchange listed (LSE: MTR) natural resources company focused on the mining sector. The Agreement provides for Metal Tiger to earn 100% ownership of the exploration applications in Nakon Sawan, Lopburi and Chanthaburi Provinces subject to a Joint Venture Agreement entered into between SEA and Metal Tiger on October 27, 2014, and amended on October 2, 2015 (the "JV Buyout"), and an option to purchase all of the Company''s remaining exploration assets and subsidiaries located in Thailand (the "Thailand Asset Acquisition Option"). More information on Metal Tiger can be found at .
The JV Buyout
Metal Tiger will pay SEA US$50,000 (US$10,000 paid) for 100% ownership of the exploration applications and/or licenses in Nakon Sawan, Lopburi and Chanthaburi Provinces subject to a Joint Venture Agreement entered into between SEA and MT on October 2, 2015.
Metal Tiger will also pay SEA US$30,000 to be used to advance certain exploration applications and to hold a shareholders meeting of the Company during the term of the Thailand Asset Acquisition Option outlined below.
Thailand Asset Acquisition Option
SEA has granted Metal Tiger an exclusive option to purchase all of the Company''s remaining exploration assets and subsidiaries located in Thailand until February 15, 2016. The significant terms of the Thailand Asset Acquisition Option are as follows:
SEA would also like to announce that it has issued 194,656 shares of the Company as consideration for interest on its convertible debentures and issued 833,749 units of the Company for the conversion of $245,000 principal amount of its convertible debentures. Each unit consists of one common share and one-half of a common share purchase warrant which will entitle the holder thereof to purchase one common share to December 31, 2016. All other debenture holders entered into Acknowledgement, Forbearance & Direction Agreements whereby the holders have agreed to waive the right to all dividend payments and to negotiate in good faith to amend certain terms of the convertible debenture.
Statements in this release that are forward-looking reflect the Company''s current views and expectations with respect to its performance, business, and future events. Such statements are subject to various risks and assumptions, some, but not necessarily all, are disclosed elsewhere in the Company''s disclosure filings with Canadian securities regulators. Such statements and information contained herein represent management''s best judgment as of the date hereof based on the information currently available; however actual results and events may vary significantly. The Company does not assume the obligation to update any forward-looking statement.
Contacts:
Southeast Asia Mining Corp.
Brian Jennings
President, CEO and CFO
(416) 616-4230
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Datum: 23.11.2015 - 07:30 Uhr
Sprache: Deutsch
News-ID 1400022
Anzahl Zeichen: 1988
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TORONTO, ONTARIO
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Mining & Metals
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