NewsVantex Completes the Acquisition of the Galloway Project
2/9/2011 9:00:06 AM - Market Wire
LA PRAIRIE, QUEBEC, Feb 9, 2011 (Marketwire via COMTEX News Network) --
The management of Vantex Resources Ltd (TSX VENTURE:VAX) is pleased to announce that the last required payment in order to finalize the acquisition of the Galloway project was made to the sellers of the property. Vantex paid an amount of $65,000 and issued 360,000 common shares to fulfill all of the obligations included in the agreement disclosed in the March 9, 2009 press release. The new shares are subject to a 4-month minimum hold period.
Comprised of 3 mining concessions, 63 claims and 35 lots covering an area of 2,461 hectares, the Galloway project is the result of the amalgamation of the Hurd, Ogima North, Sandborn, Perron, Cadillac, Francoeur and Renault Bay claim blocks. Following this payment, Vantex now owns 100 % of the Sandborn, Perron, Cadillac, Francoeur and Renault Bay blocks as well as 90 % of the Hurd and Ogima north blocks. A 10 % carried interest is retained by the sellers of the Hurd and Ogima north blocks, as well as a 2 % NSR on the 7 blocks.
SOURCE: Vantex Resources Ltd.
Source Vantex Resources Ltd. Guy Morissette CEO www.vantexressources.com Information Wayne Carlon VP Business development 902-857-1043 waynecarlon@eastlink.ca Allyson Taylor Partners Inc. Sean F. Budnik 514-397-0110 sean@allysontaylorpartners.com