United Reef Completes Sale of Passendro Royalty to AXMIN Inc.
18.04.2012 | Marketwire
TORONTO, April 17, 2012 - United Reef Limited (TSX VENTURE: URP) ("United Reef") is pleased to announce that it has completed the sale of its 2% net smelter royalty ("NSR") on the Passendro gold project located in the Central African Republic to AXMIN Inc. (TSX VENTURE: AXM) ("AXMIN"). United Reef has now received 447,038 AXMIN common shares as consideration for the NSR, as disclosed in United Reef's press release dated April 4, 2012. The AXMIN common shares are subject to a statutory hold period of four months and one day from the date of issue.Trading of United Reef's common shares on the TSX Venture Exchange is presently halted in connection with a proposed reverse take-over transaction, see United Reef's press releases dated December 5, 2011, January 23, 2012 and March 5, 2012.
ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.
Shares issued: 89,139,980
Fully diluted: 94,929,980
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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
Contact Information
United Reef Limited
Michael D. Coulter, President & Chief Executive Officer
416-368-3332
info@unitedreef.com
www.unitedreef.com