Entourage Mining Signs Pires Property Letter of Intent with Ansell Capital Corp.
The 6 Pires property claims (“Pires” or the “property”), currently optioned by Entourage, are located in southern Goiás State, Brazil, 100 km west of Kinross’ Paracatu Gold Mine. Entourage has an option to earn a 100% unencumbered interest in the property; there is no Net Smelter Return in the option agreement. As part of the LOI, Ansell has agreed to pay Entourage a CDN$75,000 payment as consideration for Entourage locking up terms pursuant to which Ansell may acquire all of Entourage’s right, title and interest in and to the Pires property and other assets by way of a Plan of Arrangement. If Ansell proceeds with the acquisition, it will be required to issue to each Entourage shareholder one common share of Ansell stock for each share of Entourage. Entourage is expected to have approximately 9,600,000 shares issued and outstanding subject to adjustment for warrants and options which may be exercised prior to the effective date of the acquisition
Deal fell thru, so the new flippin deal is: January 25, 2011, Vancouver British Columbia: Entourage Mining Ltd., (“Entourage” or the “Company”) (OTCBB: ENMGF) announces that the Company has extended the expiration term of 1,613,162 share purchase warrants, set to expire on January 25, 2011, for one year to January 25, 2012. The share purchase warrants were issued with the Company’s private placement announced on January 25, 2010.
The share purchase warrants are exercisable into one additional common share of the Company at $0.25 USD