Cap-Ex Enters Agreements to Find Strategic Partners
Cap-Ex Enters Agreements to Find Strategic Partners
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/19/13 -- Cap-Ex Iron Ore Ltd. (TSX VENTURE:CEV)(FRANKFURT:X0V)(OTCQX:CPXVF) ("Cap-Ex" or the "Company") announces that it has entered into two additional non-exclusive agreements to seek a strategic partner/investor for Cap-Ex's Block 103 project.
The Company entered into an agreement with Intercedent Limited ("Intercedent"). Intercedent is a privately owned Canadian firm with offices in Beijing, Hong Kong and Singapore.
The Company also entered into an agreement with Pridolian Limited ("Pridolian"). Pridolian is a boutique natural resources advisory firm based in Dublin, Ireland.
Both Intercedent and Pridolian (collectively, the "Finders") are to provide services in finding an interested party or parties who wish to complete equity financing, debt financing, off-take or acquisition agreements (collectively, a "Transaction") with the Company.
A fee will only be paid on a Transaction completed with a party that the individual Finder has been retained to negotiate with and only if the Transaction closes on or before 18 months of the Company terminating whichever agreement the fee relates to. The Agreements, and any Transaction, may be subject to acceptance for filing with the TSX-Venture Exchange.
Graham Harris, CEO comments, "Through these agreements, we are establishing a network that allows us to introduce Cap-Ex to some of the largest and most strategic iron ore companies and investors worldwide. To date, we have received over 60 expressions of interest from parties who are awaiting the release of our preliminary economic assessment of the Block 103 project, expected shortly."
The Company also wishes to announce that it has entered into an agreement (the "Agreement") with an arm's length party whereby it is settling a total of $135,000 in debts and obligations in exchange for the issuance of 1,000,000 shares (the "Shares"). The Shares will carry a four month Exchange hold period from their date of issue. The Agreement is subject to its filing with the Exchange.
The Company also wishes to update investors and shareholders on the status of its Exploration Agreement dated April 24, 2012 and first announced on May 25, 2012. The Company has met all outstanding cash and share issuance obligations under the Exploration Agreement save and except that: (i) it anticipates issuing 200,000 shares concurrently with the 1,000,000 shares referred to above and (ii) it still owes $25,000 which amount is to be paid April 24, 2014.
In total, the Company anticipates issuing 1,200,000 common shares pursuant to the Exploration Agreement and the Agreement.
About Cap-Ex Iron Ore Ltd.
Cap-Ex is a Canadian listed company, focused on the development of its wholly owned Block 103 Iron Ore Property in the Labrador Trough, near the mining town of Schefferville, Quebec. The Property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to the Tata Steel-New Millennium Iron Corp LabMag and KeMag deposits and the Tata Steel-New Millennium oxide deposits to the east. Block 103 contains an initial (NI) 43-101 compliant inferred resource of 7.2 billion tonnes, grading 29.2% total iron (18.9 magnetic iron).
Please visit the Company's website at www.cap-ex.ca.
CAP-EX IRON ORE LTD.
On behalf of the Board
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company's Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER 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. Contacts: Cap-Ex Iron Ore Ltd. Investor Relations (604) 669-2279 email@example.com www.cap-ex.ca