Toronto – November 27, 2013. TLCX is pleased to announce it has received an unsolicited bid for the acquisition of its entire portfolio of property interests, which management is prepared to endorse.
On November 14, 2013, management of TLC Explorations Inc. (TLCX) received an unsolicited offer from Tashota Resources Inc. (TRI) to acquire the entire property portfolio of TLCX in exchange for shares of TRI. The Company has commenced negotiations with TRI on this basis and is pleased to announce that as of this date it is prepared to endorse the offer; subject to a review of formal offer documentation.
The anticipated exchange will result in approximately 33.5 million shares of TRI being issued to TLCX; roughly 55%-60% of the issued and outstanding shares of TRI, depending on the outcome of the private placement presently underway. TRI currently controls 3,700 acres in the Beardmore Geraldton Gold Camp and has a joint venture with two other junior exploration companies in the area to explore their mutually contiguous properties. More information about TRI may be found on its web site at www.tashotaresources.com.
A condition of TRI’s offer is 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. This 75% interest in the Angelica Concession is held by Advandtel Dominicana SA (ADSA), a Dominican company. TLCX has held an option to purchase the balance since it acquired its original interest in the property from ADSA and now plans to acquire the balance for shares of TLCX. Under terms of the offer from TRI, TRI will assume any remaining work obligations resulting from this acquisition (see TLCX press release dated December 14, 2007).
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 (i.e., GoldQuest Mining Corp. (TSXV: GQC)).
This transaction will be subject to appropriate shareholder, board and regulatory approvals. As additional information on the negotiations and the approval process becomes available, it will be provided to TLCX shareholders.
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.
