McLaren Sells Interests in Western Newfoundland to Shoal Point Energy Ltd.
11.11.2010 | vom Unternehmen
McLaren Resources Inc. (\"McLaren\" or "the Company\") announces that it has completed the sale of its interests in Western Newfoundland to Shoal Point Energy Ltd. (\"SPE\"). According to the terms of the Agreement, McLaren is to receive from SPE C$150,000, 750,000 shares and 250,000 warrants with a term of 2 years, exercisable at $.28, in return for the Company's 5% Interest in the EL 1070 in Western Newfoundland and the Company's participation interest under The Area of Mutual Interest Agreement dated December 9, 2009.
McLaren\'s President and CEO, Ivan Buzbuzian, commented: \"We believe this transaction is in the best interest of the Company and of the Company\'s shareholders, as it has positioned McLaren to benefit indirectly in a potentially significant Oil in Shale resource in Western Newfoundland by way of retaining a substantial equity position in SPE. We wish SPE all the success in their future exploration and developments in Western Newfoundland.\"
McLaren Resources Inc. is a Canadian based junior exploration company engaged in acquiring, exploring, and developing resource properties with a focus on Canada.
Contact Information:
Ivan Buzbuzian
President and CEO
McLAREN RESOURCES INC.
65 Queen Street West, Suite 500
Toronto ON, M5H 2M5
Tel.: 416-203-6784/ Fax: 416-368-1539
E-mail: ibuzbuzian@mclarenresources.com
For more information visit our web site at www.mclarenresources.com or contact Ivan Buzbuzian, President and CEO of McLaren Resources, at 416-203-6784 x 4850.
The Canadian National Stock Exchange has neither approved, nor disapproved on the contents of this press release.