Komet Manufacturers Inc. - Execution of a property earn-in and joint venture agreement with Virginia Mines
09 Abril 2012 - 11:37AM
PR Newswire (Canada)
MONTREAL, April 12, 2012 /CNW Telbec/ - Komet Manufacturers Inc.
("Komet") announces that it has executed as of April 4, 2012, an
Earn-In Option and Joint Venture Agreement (the "Agreement") with
Virginia Mines Inc. ("Virginia") in connection with the granting by
Virginia to Komet of an option to earn a 50% undivided interest in
the mining claims comprising the FCI Property located in the James
Bay area in the Province of Québec (the "Property"). The purpose of
the Agreement is to conduct exploration on the Property and to
evaluate the possible development of the Property and possibly
engage in development and mining operations on the Property.
In order to earn an undivided fifty percent (50%) in the Property,
Komet has agreed to issue 25,000 common shares to Virginia and to
incur expenditures on the Property of $4,000,000 over a six-year
period. Komet, specialized in designing and distributing bathroom
furniture products but, subject to minority shareholders' approval
at the shareholders' meeting to be held on April 23, 2012, is
in the process of liquidating its inventory and has elected to
proceed to a Change of Business ("COB") pursuant to the provisions
of Policy 5.2 of the TSX Venture Exchange (the "Exchange")and seek
a listing as a Tier 2 mining issuer pursuant to the provisions
of Policy 2.1 and will call a shareholders' meeting and file an
Information Circular to seek shareholders' approval with respect to
the Agreement and the COB. The execution of the Agreement
constitutes an Arm's Length Transaction between Komet and Virginia
pursuant to Policy 1.1 of the TSX Venture Exchange. Virginia is
governed by the provisions to the Canada Business Corporations
Act. To the knowledge of Komet, no one holds more than 10% of
the outstanding shares of Virginia. Trading on the common shares of
Komet will remain halted until the approval of the COB by the
Exchange or the issuance of a subsequent more detailed press
release. About Komet Komet, a Québec corporation headquartered in
Blainville, has been listed on the TSX Venture Exchange since June
2007. The company specializes in designing and distributing
bathroom furniture products. Completion of the transaction is
subject to a number of conditions, including Exchange acceptance
and disinterested Shareholder approval. The transaction cannot
close until the required Shareholder approval is obtained. There
can be no assurance that the transaction will be completed as
proposed or at all. Investors are cautioned that, except as
disclosed in the Management Information Circular to be prepared in
connection with the transaction, any information released or
received with respect to the COB may not be accurate or complete
and should not be relied upon. Trading in the securities of Komet
should be considered highly speculative. The TSX Venture Exchange
has in no way passed upon the merits of the proposed transaction
and has neither approved nor disapproved the contents of this press
release. 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 release. Komet Manufacturing Inc. CONTACT: Mr.
Francois Nadeau, PresidentKomet Manufacturers Inc.1190
Michele-Bohec StreetBlainville, Quebec J7C 5S4450-433-2210
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