VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 23, 2012) - Logan Resources Ltd. (TSX VENTURE:LGR) ("Logan") announces that it has amended its option agreement (the "Option Agreement") with Inform Resources Corp. (TSX VENTURE:IRR) ("Inform") dated October 7, 2011, which grants Inform the option to acquire up to an 80% title and interest in the Heidi Property, located 95 km northeast of Dawson City, Yukon (the "Property").
While the overall terms of the Option Agreement remain the same (see Logan news release dated October 7, 2011 for additional details), the sequence of payments owing Logan has been adjusted. Logan has agreed to move the cash payment it is due on the first anniversary of the Option Agreement execution date and allow Inform to add this sum to the amount owing on the fourth anniversary of the Option Agreement. Likewise, Logan has agreed to lower the minimum exploration expenditure on the property during the first two years of the Option Agreement, allowing Inform to meet these minimum exploration expenditure obligations on or before the fourth anniversary of the execution date. As compensation for these amendments, Inform has agreed to issue to Logan an additional 50,000 common shares of Inform on or before the fourth anniversary of the Option Agreement.
The amendment remains subject to any required regulatory approvals, including the approval of the TSX Venture Exchange.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing Canadian mineral properties. Logan has a diversified portfolio of precious metal, base metal and uranium projects. For more information on the property portfolio and Logan, please visit www.loganresources.ca.
LOGAN RESOURCES LTD.
On behalf of the Board
Adrian Bray, President & CEO
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. Forward-looking statements in this document include statements about the Property and terms of the Option Agreement. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management''s beliefs, estimates and opinions on the date that statements are made and Logan undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
- Investment & Company Information
- option agreement
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