Far Resources to Acquire 100% of Zoro Lithium Property, Snow Lake, Manitoba
Vancouver, BC (FSCwire) - Far Resources Ltd. (CSE:FAT) (FSE:F0R) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to announce that it has reached an agreement with the vendors (the “Vendors”) of the Zoro 1 mineral claim comprising the Company’s Zoro lithium property near Snow Lake, Manitoba to accelerate the exercise of the Company’s existing option to acquire a 100% interest in such claim (the “Option”) by issuing the Vendors a total of 6,000,000 common shares of the Company at a deemed price of $0.10 per share (the “Payment Shares”) and a non-interest bearing promissory note for C$100,000 payable in 12 months. By accelerating the exercise of the option, the Company has reduced its overall option payments to the Vendors under the original option agreement dated April 28, 2016 by C$200,000. The Company has previously paid C$50,000 cash and issued 1,000,000 shares to the Vendors under the Option.
The 6,000,000 Payment Shares will be subject to a statutory hold period of four months and one day; 1,666,667 Payment Shares will be subject to an additional voluntary hold period expiring eight months after closing and an additional 1,666,667 Payment shares will be subject to a further voluntary hold period expiring 12 months after closing. In order to facilitate the acceleration of the Option, Keith Anderson, the President of the Company, has agreed to transfer 1,000,000 “free-trading” common shares of the Company to the Vendors in exchange for 1,000,000 restricted Payment Shares.
Keith Anderson commented, “We are really pleased to have reached this agreement with the Zoro 1 Vendors. We are excited about the Lithium market in general and about our property in particular and by accelerating the option, we will all benefit as we keep this project moving forward.”
Closing of the exercise of the Option is scheduled for May 9, 2017.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources has two option agreements in place. The Zoro Lithium Property covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second option is on the Winston Property in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our updated website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Keith C. Anderson, President
604-805-5035
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/farresources05082017.pdf
Source: Far Resources Ltd. (CSE:FAT, FWB:F0R)
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