New Cantech Ventures Inc.: Finder's Fee Agreement With Sunkwang Lee
31 May 2008 - 8:18AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: NCV)(FRANKFURT: C7X)
announces that the finder's fee agreement entered into initially on
November 13, 2006 with Mr. Sunkwang Lee (also known as Sunny Lee)
as amended and restated on January 25, 2007, is now subject to the
Exchange advising that it has withdrawn its acceptance effective
May 23, 2008 and that Mr. Sunkwang Lee is not permitted to provide
any services to the Company in any capacity, directly or
indirectly. In addition, the Company is not permitted to execute
any transactions, make any reimbursements, or make any payments,
directly or indirectly, to Mr. Sunkwang Lee. The Company has
retained Deloitte & Touche LLP to provide the Exchange with a
report as soon as possible with a full and proper listing,
including all supporting documentation, of all payments to Mr.
Sunkwang Lee.
The finder's fee agreement with Mr. Lee relates to a property
option agreement dated November 13, 2006, as amended and restated
on December 13, 2006 between the Company, as optionor, and Palm
Clean Energy, Inc., as optionee, under which the Company granted
Palm Clean an option to acquire up to a 60% interest in the
Company's Lucky Ship Molybdenum property. Subsequently, 60% of that
option was assigned by Palm Clean to Daewon Chemical Co. Ltd. Both
Palm Clean and Daewon are Korean companies.
Pursuant to the property option agreement New Cantech has
received $4.3 million dollars from the Korean companies to date
(inclusive of a $1M private placement).
As previously announced, the Company is in the process of
negotiating the terms of a formal joint venture agreement with Palm
Clean and Daewon, and it is not known at present how the
negotiations will be affected, if at all, by the Exchange advising
that it has withdrawn its acceptance of the finder's fee agreement
with Sunkwang Lee.
About New Cantech
New Cantech is a TSX Venture listed mineral exploration and
development company focusing on the development of its Lucky Ship
Molybdenum Property in west central British Columbia and the
advancement of its other mineral exploration properties, most of
which are located in British Columbia and all of which are located
within Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
James Jacuta, Chairman, President & CEO.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of the
information contained herein.
Contacts: New Cantech Ventures Inc. Doug Kerr (604) 638-0699 or
Toll Free: 1-866-580-0699 New Cantech Ventures Inc. Derek Huston
(604) 929-2337 or Toll Free: 1-800-665-4288 Website:
www.newcantech.com
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