Toronto, ON – Wednesday, December 19, 2013. Tashota Resources Inc. (“TRI”) is pleased to announce that its offer to acquire the property portfolio of TLC Explorations Inc. has been accepted and endorsed by its board of directors.
On November 14, 2013, TRI issued an unsolicited offer to TLC Explorations Inc. (“TLCX”) to acquire its entire property portfolio in exchange for treasury shares of TRI. At that time, the companies commenced negotiations and today, the parties agreed on the terms and conditions of a transaction.
Specifically, TRI will issue approximately 33.5 million shares to TLCX; roughly 55%-60% of the issued and outstanding shares of TRI, depending on the outcome of TRI’s private placement offering of flow-through share units presently underway. TRI will assume the option undertakings of TLCX to ADSA (see news release December 18, 2013 at www.tlcexplorations.com. A condition of TRI’s offer was the successful completion by TLCX of the acquisition of the 75% of the 8,000 acre Angelica Concession (previously known as Majagual) located in the Dominican Republic (DR), which it does not currently own. Earlier today, TLCX announced it has come to an agreement with the option holder (Advandtel Dominicana SRL) to acquire its entire interest in the property.
The Angelica property is currently awaiting exploration renewal approvals from the newly established Ministry of Mines of the Dominican Republic, anticipated by early 2014. With the establishment of the new Ministry; it is anticipated that the DR will become a major focus for junior mining exploration moving forward. Indeed several Canadian juniors have recently announced significant drilling success, including; Goldquest Mining Corp (GQC-X), Precipitate Gold Corp (PRG-X), Everton Resources (EVR-X), and Unigold Inc. (UGD-X). Approval of exploration renewal is a requirement of this transaction.
In addition to its property interests in the Dominican Republic, TLCX has property interests (Vega and Blackwater Properties) in the Beardmore-Geraldton Gold Camp (BGGC). These properties will add value to the existing TRI properties presently being developed as part of the “Tashota Group”. The Tashota Group is comprised of Markinch Resources Inc. (MRI), Advandtel Minerals (Canada) Ltd. (AMCL), and Tashota Resources Inc. (TRI), all of which are Canadian-based junior mining companies and are joint-venture partners conducting exploration activities for precious metals on approximately 14,600 acres in the Beardmore-Geraldton Gold Camp, north east of Thunder Bay, Ontario. Each member of the Tashota Group is focused on providing increased value to its respective shareholders and doing so in a socially and environmentally responsible manner. In consideration of this objective, the Tashota Group members were pleased to execute an Exploration Agreement with Aroland First Nation and Animbiigoo Zaagi'igan Anishinaabek First Nation in May 2013.
The transaction is scheduled to close in early February 2014, pending satisfaction of conditions precedent and board and shareholder approvals.
This news release contains forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation relating to, among other things, the operations of TLCX and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Due to the inherent risks associated with such forward-looking statements, undue reliance should not be placed on them. In addition, all forward-looking statements in this email are given as of the date hereof. TRI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.
