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allmineon Mar 08, 2006 7:37pm
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More...Ivana earning 65% interest in Chinese CBM project
Ivana Ventures Inc (TSX-V:ANA)
Shares Issued 17,112,149
Last Close 3/8/2006 $1.16
Wednesday March 08 2006 - Property Agreement
The TSX Venture Exchange has accepted for filing a production sharing contract, dated November, 2005, between the company and China United Coalbed Methane Corp. Ltd., pursuant to which the company has the option to acquire a 65-per-cent interest in a 856-square-kilometre coal bed methane project in Huaibei-Suzhou of China.
The company's work commitment under the JV agreement is $5.3-million (U.S.) cash over five years ($1.06-million (U.S.) to be incurred within the first year).
Finder's fee: A finder's fee of $50,000 cash and 37,987 common shares of the company is payable to Pat Vasireddi in connection with the Huaibei-Suzhou coal bed methane project acquisition.
Insider/pro group participation: Not applicable
For further details, please refer to the company's press releases dated Oct. 27, 2005, and Feb. 8, 2006.
© 2006 Canjex Publishing Ltd.