Northern Abitibi Completes Viking Property Sale to Spruce Ridge Resources Today and Files Early Warning Report
23 Dicembre 2013 - 10:35PM
Marketwired
Northern Abitibi Completes Viking Property Sale to Spruce Ridge
Resources Today and Files Early Warning Report
CALGARY, ALBERTA--(Marketwired - Dec 23, 2013) - Northern
Abitibi Mining Corp. (TSX-VENTURE:NAI) ("Northern Abitibi") is
pleased to announce the closing of its previously announced sale of
the 100% owned Viking Property to Spruce Ridge Resources ("Spruce
Ridge" - TSXV:SHL) in exchange for $150,000 cash and 11,000,000
common shares in the capital of Spruce Ridge (the "Shares").
In October 2012, Spruce Ridge made a payment of $50,000 to
Northern Abitibi and issued 5,000,000 Shares at a deemed value of
$0.12 per Share and in April 2013, Spruce Ridge made an additional
$50,000 payment. Currently today, as the final closing payment,
Spruce Ridge paid $50,000 and issued 6,000,000 Shares at $0.05 per
Share. Pursuant to the agreement, Spruce Ridge elected to issue up
to 50% of the final cash payment of $100,000 by issuing 1,000,000
Shares at $0.05 per Share. The Viking Property is subject to a 2%
to 4% sliding scale net smelter royalty held by Altius Resources
Inc.
Pursuant to this sale, Northern Abitibi now holds 11,000,000
Shares or 22.7% of the issued and outstanding common shares of
Spruce Ridge at the date hereof on a non-diluted basis. The Shares
were acquired pursuant to the exemption from the prospectus
requirement in section 2.14 of National Instrument 45-106 and are
held for investment purposes only. This investment will be reviewed
by Northern Abitibi on a continuing basis.
Shane Ebert, President/Director
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.
Except for the historical and present factual information
contained herein, the matters set forth in this news release,
including words such as "expects", "projects", "plans",
"anticipates" and similar expressions, are forward-looking
information that represents management of Northern Abitibi's
internal projections, expectations or beliefs concerning, among
other things, future operating results and various components
thereof or the economic performance of Northern Abitibi. The
projections, estimates and beliefs contained in such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause Northern Abitibi's actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements. These
risks and uncertainties include, among other things, those
described in Northern Abitibi's filings with the Canadian
securities authorities. Accordingly, holders of Northern Abitibi
shares and potential investors are cautioned that events or
circumstances could cause results to differ materially from those
predicted. Northern Abitibi disclaims any responsibility to update
these forward-looking statements.
Northern Abitibi Mining Corp.Shane Ebert1.250.964.2699Northern
Abitibi Mining Corp.Jean Pierre
Jutras1.403.233.26361.403.266.2606http://www.naminco.ca
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