Strata Minerals Provides Corporate Update
Vancouver, British Columbia--(Newsfile Corp. - November 26, 2014) - Strata Minerals Inc. (TSXV: SMP) ("Strata" or the "Company") advises that further to the announcement made on November 7, 2014, the Company has issued 1,120,000 common shares to an arm’s length contractor for the extinguishment of US$100,000 (approximately CDN$112,000) of monies owing for work completed during 2014. This debt for equity swap was completed at an agreed price of $0.10 per share. After the issuance of shares, there are 22,533,996 common shares of the Company outstanding (31,065,663 fully diluted).
Strata also announces that it has withdrawn from the Cardabia Joint Venture Phosphate Project in Western Australia. The Company’s most recent exploration program at the project was completed in June 2013. Estimated annual cost reductions including tenement rates, rents and work commitments are AUD$779,000 (approximately CDN$758,000).
Jason Bahnsen, President and CEO noted “the debt for equity swap and reduction of costs associated with the withdrawal from the Cardabia joint venture project will allow the Company to focus on the development of the Diamond Mountain Phosphate Project in Utah and continue to seek additional investment opportunities to enhance shareholder value going forward. The recently completed NI 43-101 compliant technical report, addition of exploration ground and subsequent identification of a high grade surface phosphate deposit announced on November 21, 2014, provide the basis for the next phase of exploration in Utah, for which planning is currently under way”.
For further information, please contact:
Jason Bahnsen, President and CEO
Tel: +1 647 986 7542
Email: j.bahnsen@strataminerals.com
About Strata Minerals Inc. Strata Minerals Inc. is an emerging, phosphate focused, agricultural nutrient company exploring for commercial-scale phosphate rock mineralization deposits. Armed with the objectives of becoming a supplier to the US and global fertilizer industry and generating wealth for its shareholders, Strata is currently advancing its phosphate exploration project in Utah, USA. All references to the Company in this release include the Company’s wholly owned Australian subsidiary, Strata Minerals Pty Ltd. For further information, please refer to the Company's website at www.strataminerals.com. Additional disclosure of the Company’s financial statements, technical reports, material change reports, news releases and other information can be obtained on SEDAR at www.sedar.com.
Forward Looking Statements
This news release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as "anticipate", "will", "intend" and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Strata's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.strataminerals.com.
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 news release.