Dorato receives TSX-V go-ahead for change of businhttps://www.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=Z-C:DRI-1482611&symbol=DRI&news_region=C
Dorato receives TSX-V go-ahead for change of business
2008-04-24 18:26 ET - News Release
Mr. Anton Drescher reports
DORATO ANNOUNCES THE COMPLETION OF ITS CHANGE OF BUSINESS
Dorato Resources Inc. has received the approval of the TSX Venture Exchange to complete its change of business previously reported in Stockwatch news dated Nov. 19, 2007. Dorato has met the requirements to be listed as a TSX-V Tier 2 company. Therefore, effective April 25, 2008, Dorato's listing will transfer from the NEX to the TSX-V and Dorato's common shares will commence trading under the symbol DRI.
As previously announced, Dorato has entered into four agreements with several Peruvian nationals to acquire options to earn a 100-per-cent interest in 64 mineral claims located in Peru. As consideration for the mineral claims, Dorato has agreed to issue 7.15 million common shares in stages and pay a total of $1.22-million (U.S.).
Certain material terms of the option agreements
Dorato has the option to earn a 100-per-cent interest in 18 mineral claims, comprising a total of 16,158 hectares (the Vicmarama property). In order to earn a 100-per-cent interest in the Vicmarama property, Dorato has agreed to issue a total of 750,000 common shares. Upon acceptance by the TSX-V, 250,000 shares were issued and the remaining 500,000 shares will be issued over the following 24 months. Dorato has also agreed to pay $250,000 (U.S.) as consideration for the Vicmarama property.
Dorato has the option to earn a 100-per-cent interest in 18 mineral claims, comprising a total of 14,500 hectares (the Maravilla property). In order to earn a 100-per-cent interest, Dorato has agreed to issue 1.5 million common shares. Upon acceptance by the TSX-V, 250,000 of these shares were issued and the remaining 1.25 million shares will be issued over the following 24 months. Dorato has also agreed to pay $300,000 (U.S.) as consideration for the Maravilla property.
Dorato has the option to earn a 100-per-cent interest in 11 mineral claims, comprising a total of 9,659 hectares (the Lahaina 1 property). In order to earn a 100-per-cent interest in the Lahaina 1 property, Dorato has agreed to issue 1.5 million common shares. Upon acceptance by the TSX-V, 250,000 of these shares were issued and the remaining 1.25 million shares will be issued over the following 24 months. Dorato has also agreed to pay $400,000 (U.S.) as consideration for the Lahaina 1 property.
Dorato has the option to earn a 100-per-cent interest in 17 mineral claims, comprising a total of 15,468 hectares (the Lahaina 2 property). In order to earn a 100-per-cent interest in the Lahaina 2 property, Dorato has agreed to issue 3.4 million common shares. Upon acceptance by the TSX-V, 400,000 of these shares were be issued and the remaining three million shares will be issued over the following 36 months. Dorato has also agreed to pay $270,000 (U.S.) as consideration for the Lahaina 2 property.
Dorato has also entered into an agreement with the shareholders of Compania Minera Afrodita S.A.C., a company registered in Lima, Peru, which owns certain mining concessions in the area of the mineral claims. Under the terms of the agreement, Dorato has been granted the option to purchase all of the shares of Afrodita in return for the issuance of three million shares and the payment of $8-million (U.S.) payable over 36 months.
For the purposes of the TSX-V manual, the acquisition of the mineral claims constitutes a change of business to the mining sector. A copy of the filing statement dated as of April 3, 2008, with respect to its change of business has been filed by Dorato under its profile on SEDAR. In accordance with the rules of the TSX-V, Dorato has received written consent from shareholders holding in excess of a majority of the issued and outstanding shares to the change of business. Further details on the change of business and the acquisition terms of the mineral claims are described in the filing statement.
We seek Safe Harbor.