Gossan Receives a New Offer for the Sale of Its Equity Interest in The Claims Network Inc.
WINNIPEG, MANITOBA -- (Marketwire) -- 02/06/12 -- Gossan Resources Limited (TSX VENTURE: GSS)(FRANKFURT: GSR)(XETRA: GSR)(Frankfurt/Freiverkehr Xetra:WKN 904435) has received a new offer, in the form of a definitive agreement, for the sale of its entire equity interest in The Claims Network Inc. (TCN) for a gross sale price of $1.5 million. The transaction, which is expected to close in early March, is subject to a first right of refusal by existing TCN shareholders and the approval of the TSX Venture Exchange, if necessary. In certain circumstances a break fee of $100,000 may be payable. In addition, subject to a sale, a restricted cash escrow of $200,000 may be established pertaining to specific contingencies. No assurance can be provided that the transaction will close.
TCN is a web-based enterprise engaged in providing the property and casualty insurance industry with on-site claims reporting of losses, contents loss valuations, and content claims software.
On October 4, 2011, TCN paid a dividend of $115,030 to Gossan, as allowed under the terms of the prior offer (NR-11-04 dated September 23, 2011).
Gossan Resources Limited is engaged in mineral exploration and development in Manitoba and northwestern Ontario. It has a well-diversified portfolio of properties hosting gold, platinum group and base metals, as well as the specialty and minor metals, vanadium, titanium, tantalum, lithium, and chromium. The Company also has a large deposit of magnesium-rich dolomite, the world-wide rights to the Zuliani magnesium production process, and a silica frac sand deposit. Gossan trades on the TSX Venture Exchange and has 33,090,400 common shares outstanding.
For further information, please bookmark www.gossan.ca.
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Contacts:
Gossan Resources Limited
Douglas Reeson
CEO
(416) 533-9664
info@gossan.ca
www.gossan.ca