Sunrise's Subsidary Signs Amalgamation Agreement with Northland Metals
10.06.2013 | FSCwire
Armstrong, British Columbia CANADA, June 10, 2013 /FSC/ - Sunrise Resources Ltd. (SHI - TSX Venture), announces that, further to its news releases on March 1 and May 15, 2013, Sunrise and its newly incorporated wholly-owned subsidiary have entered into an amalgamation agreement with Northland Metals Corp. dated June 7, 2013. The agreement provides for the subsidiary to amalgamate with Northland and for 3,736,800 common shares of Sunrise to be issued to the Northland shareholders. The amalgamated company will be a wholly-owned subsidiary of Sunrise. Sunrise will thereby gain a 60% interest in the Timothy Property and then own 100%. The Northland shareholders will retain a 2% NSR royalty with a $2,500,000 buyout.The transaction is subject to various conditions, including approval of the TSX Venture Exchange as well as the shareholders of Northland. As announced on May 7, 2013, Sunrise has a financing in progress in order to drill the Man-Prime Property (underway) and the Timothy Property. Northland spent approximately $560,000 on an exploration program in 2011/12 on the Timothy Property, including in particular a Titan 24 DC induced polarization geophysical survey carried out by Quantec Geoscience Ltd. The survey produced exciting new results and identified multiple drill targets.
For further information, please contact:
Sunrise Resources Ltd.
Responsible Officer: Irvin Eisler, CEO
Telephone: (250) 546-6559
Email: i_eisler@telus.net
Neither the 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.