Sarissa Resources Announces Financing Option Agreement
25 Ottobre 2011 - 3:00PM
Marketwired
Sarissa Resources, Inc. ("Sarissa" or "the Company") (PINKSHEETS:
SRSR) is pleased to announce that its annual and special meeting of
shareholders of the Company was held on Tuesday, October 18th, 2011
in Toronto, and that, amongst other items, the Company's plans to
pursue a transfer agreement and separate public listing for
Nio-Star Corp. ("Nio-Star"); and a spin out transaction for Shining
Tree Resources Corp. were approved.
Significantly, proxies and attendees representing over 70% of
the outstanding shares of the Company were voted, with over 99% of
the shares voted being in favour of these plans. This represents a
very high turnout in today's investment environment, and the board
wishes to thank our shareholders, those who turned out in person,
and those who voted by proxy, for their continued interest and
participation in determining the future direction of our
projects.
The Company will now move forward with the anticipated spin out
of Shining Tree Resources Corp., which would be accomplished
through a dividend-in-kind of all of its shares in Shining Tree
Resources Corp. to the shareholders of Sarissa. In addition to the
proposed Shining Tree Resources Corp. spin out transaction,
drilling has recommenced on the Shining Tree property to further
test the mineralized areas discovered during the previous drilling
program, and to test for additional mineralized structures. This
current drilling program is being conducted under the supervision
of Warren Hawkins, P.Eng., project manager.
The option and financing agreement in pursuit of a separate
public listing for Nio-Star, the Company's wholly-owned subsidiary
which holds title to the Nemegosenda niobium property in Northern
Ontario, is expected to close in the next thirty days.
In conjunction with this plan, initial proceeds have been
received into Nio-Star and the first phase of the scoping level,
pre-feasibility engineering studies on the Nemegosenda project have
commenced. The first phase is expected to be completed within the
next three months. Further work on updating the geological
resources of the property is also expected to commence shortly.
Warren Hawkins, P.Eng. is a "qualified person" within the
meaning of National Instrument 43-101 and has read and is
responsible for the technical information contained in this news
release.
Safe Harbor This press release contains
statements, which may constitute "forward-looking statements"
within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, as amended by the Private Securities
Litigation Reform Act of 1995. Those statements include statements
regarding the intent, belief or current expectations of Sarissa
Resources Inc., and members of its management as well as the
assumptions on which such statements are based. Prospective
investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those contemplated by such forward-looking statements. Important
factors currently known to management that could cause actual
results to differ materially from those in forward-statements
include fluctuation of operating results, the ability to compete
successfully and the ability to complete before-mentioned
transactions. The Company does not undertake any obligation to
update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to
future operating results.
About Sarissa Resources Inc.
Sarissa Resources Inc. is a junior exploration company currently
with interests in projects Northern Ontario, Canada. The Company is
specifically focused on the development of its Nemegosenda niobium
project.
FOR FURTHER INFORMATION contact: www.sarissaresources.com Public
Relations: Merle Goertz North America: 866-307-1331 Hong Kong: 852
8174 5996
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