ICN Issues Shares to Seabridge Gold Inc.
21 October 2011 - 4:07AM
Marketwired
ICN Resources Limited ("ICN" or "the Company") (TSX VENTURE:ICN)
announces that as per a previously announced amended Option
Agreement with Seabridge Gold Inc. ("Seabridge") and its
wholly-owned subsidiary, Seabridge Gold Corporation (see ICN news
release of April 21, 2010), ICN will issue 1,750,000 common shares
to Seabridge at a price of $0.30 per share in lieu of making the
final cash payment of CDN $525,000 for the 100% purchase of the Hog
Ranch property located in northwestern Nevada. The common shares
issued were subject to a statutory hold period which expired on
September 15, 2010.
Under the original terms of the Option Agreement, ICN was
required to make a CDN $525,000 final cash payment and issue a
further one million common shares to Seabridge. In lieu of making
the final cash payment the Option Agreement was amended to provide
for ICN to issue a convertible debenture for the principal amount
of CDN $525,000 with an 18 month term bearing interest at a rate of
5% per annum (compounded annually) convertible into ICN common
shares, at Seabridge's option, at $0.30 per share. The requirement
for ICN to issue one million shares remained, and those shares were
issued and delivered to Seabridge on April 13, 2010. The issuance
of the convertible debenture was approved by the TSX Venture
Exchange on April 27, 2010.
Carl Hering, President and CEO of ICN Resources, commented that
"We are pleased to announce that Seabridge has, at their election,
chosen to receive shares of ICN rather than a cash payment. I
believe that this demonstrates the confidence that they have in the
Company and the Goldfield Project currently being drilled by
ICN."
The Hog Ranch property was optioned earlier this year to Pacific
Rim Mining (see ICN news release of June 28, 2011), and Pacific Rim
is pursuing an aggressive exploration program on the project as
part of their option earn-in commitment, whereby they may earn a
65% interest in the property by expending an aggregate of US$8
million in exploration work and issuing an aggregate of 1 million
common shares of Pacific Rim over a five year period.
On Behalf of the Board of Directors of ICN Resources Ltd.
Carl Hering, President & CEO
ICN Resources Ltd.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: ICN Resources Ltd. Tasso Baras 1-877-738-3882 or
604-738-3882www.icnresources.com
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