Strategic Metals Closes Property Transaction with Silver Range Resources Ltd.
21.10.2015 | FSCwire
Vancouver, British Columbia (FSCwire) - Strategic Metals Ltd. (TSX-V:SMD) (“Strategic”) announces that is has received final TSX Venture Exchange acceptance and closed a property exchange transaction with Silver Range Resources Ltd. (“Silver Range”). The transaction was originally announced on August 7, 2015.Pursuant to the terms of the property exchange agreement, Strategic will receive a 100% interest in Silver Range’s Mint property, in exchange for which Silver Range will receive a 100% interest in Strategic’s Michelle property and its BP 4 claim. The BP 4 claim is subject to 2% net smelter return royalty payable to an arm’s length individual. There are no royalty interests related to either of the Michelle or the Mint properties. All three properties are located in the Yukon Territory.
The property exchange transaction received minority shareholder approval at Strategic’s Annual General and Special Meeting held on September 30, 2015. The property exchange resolution was approved by 11,334,551 of the eligible 13,271,319 minority votes cast is respect of the resolution (85.41%).
In accordance with Multinational Instrument 61-101, minority shareholder approval was required as the property exchange transaction was considered to be a related party transactions based on: (i) Strategic’s shareholdings in Silver Range; and (ii) certain officers and directors common to both Strategic and Silver Range.
ON BEHALF OF STRATEGIC METALS LTD.
“Ian J. Talbot”
Chief Operating Officer
For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:
Strategic Metals Ltd.
W. Douglas Eaton, President and C.E.O.
Tel: (604) 688-2568
Investor Inquiries
Richard Drechsler, V.P. Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
rdrechsler@strategicmetalsltd.com
www.strategicmetalsltd.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 release.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
