Vancouver, B.C. (March 16, 2020) Astorius Resources Ltd. (TSX-V:ASQ) (“Astorius” or the “Company”) is pleased to announce that the TSX Venture Exchange has accepted for filing, a share exchange agreement dated February 24, 2020 (the “Agreement”) with Mohave Ventures Ltd. (“Mohave”), a private arms’ length company, to acquire all of the issued and outstanding share capital of Mohave. Mohave has an underlying purchase option agreement dated December 18, 2019 (“Underlying Agreement”) with Seguro Projects Inc., (“Seguro”) a private arms’ length company, to acquire a 100% interest in the Mohave Project, 20 mineral claims situated in Mohave County, Arizona, USA. The Company is issuing this release to clarify the structure of this acquisition from its previous news release disseminated on February 26, 2020. At this time, Mohave does not presently own a 100% interest in the Mohave Project.
Under the terms of the Underlying Agreement, Mohave will acquire a 100% interest in the Mohave Project by paying aggregate cash payments totalling $289,000 at various periods over 48 months after the signing of the Underlying Agreement. Mohave will also pay all government fees applying to the Mohave Project, and in the event of termination of the option, the Company will ensure that all claims that comprise Mohave Project have a minimum of one year of good standing at the time of such termination. Mohave may also at any time accelerate these obligations. Seguro retain a 2% Net Smelter Royalty (“NSR”) re-purchasable by Mohave.
Mohave presently has 9,000,000 common shares issued and outstanding. Pursuant to the Agreement, the Company will acquire all the issued and outstanding shares of Mohave, in consideration for which, Astorius will issue 2,500,000 common shares to the shareholders of Mohave. As a result of the transactions contemplated by the Agreement, Mohave will become a wholly owned subsidiary of the Company. No new insiders will be created through the completion of this transaction.
Astorius Resources Ltd. (www.astoriusresources.com) is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in North and South America.
Arthur Brown, President & Director (604) 685-7720 [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept s responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions compl eted in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Astorius believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the da te of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Astorius disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.