Mukuba Announces Benzu Resources Limited has Exercised its Call Option on the Cominex Project
Toronto, Ontario--(Newsfile Corp. - September 24, 2013) - Mukuba Resources Limited (TSXV: MKU) ("Mukuba" or the “Company”) reports that Benzu Resources Limited (“Benzu”) has exercised its Call Option to acquire all 1,360 shares of Benzu Copper DRC Limited (the “JV Company”) held by Mukuba pursuant to Section 11.5 of the Options and Shareholders’ Agreement (“the Agreement”) at the Call Price.
Pursuant to Section 11.3 of the Agreement, the Call Price is equal to the Fair Market Value of the Shares less (i) the discount of 30% to the Fair Market Value of Mukuba’s shareholding, (ii) all amounts due from Mukuba under the Agreement, and (iii) all amounts paid by Benzu to cure or remedy any default.
The JV Company’s Fair Market Value was determined by Evans & Evans Inc., the Expert nominated and agreed by both parties, to be $1,000,000 USD. The Call Price is therefore equal to $231,350.00 USD.
Benzu and Mukuba have complied with all requirements of the Agreement and the transaction closed on September 23, 2013.
Mukuba will review its operations and management will proceed in the best interest of the Company’s shareholders.
Mukuba is a Canadian exploration and development company primarily focused on copper and other base metal assets in Africa.
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future business and planned activities. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
The TSX Venture Exchange (“TSXV”) has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
Mukuba Resources Limited
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