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Icon Energy Ltd V.ICN


Primary Symbol: ICNOF

Icon Energy Limited is an Australia-based oil and gas exploration company. The Company has a 100% interest in, and is operator of, the ATP 855 tenement and the basin-centered gas resource that it contains. The Company’s ATP 855 is located in the Cooper-Eromanga Basin on the eastern side of the Queensland and South Australian border. The Company's tenements include ATP 855, PRL's 33-49, ATP 594, PEP 170, PEP 172, and PEP 173. PRL's 33-49 are adjacent to ATP 855 on the western side of the border, and both permits share part of the Nappamerri Trough. ATP 855 is located in the Nappamerri Trough, one of the six troughs within the Cooper Basin. The tenement covers the deepest part of the trough, containing the thickest sequence of Permian sediments in the entire Cooper Basin. It is within these sediments that a large, unconventional, basin-centered gas resource has been discovered that extends across the entire tenement. ATP 855 occupies a total area of 1,679 square kilometers (km2).


OTCPK:ICNOF - Post by User

Comment by vilaon Sep 26, 2012 9:12am
141 Views
Post# 20414947

RE: there/ sorry, here is the copy of NR

RE: there/ sorry, here is the copy of NR

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 20, 2011) - ICN Resources Limited ("ICN" or "the Company") (TSX VENTURE:ICN) announces that as per a previously announced amended Option Agreement with Seabridge Gold Inc. ("Seabridge") and its wholly-owned subsidiary, Seabridge Gold Corporation (see ICN news release of April 21, 2010), ICN will issue 1,750,000 common shares to Seabridge at a price of $0.30 per share in lieu of making the final cash payment of CDN $525,000 for the 100% purchase of the Hog Ranch property located in northwestern Nevada. The common shares issued were subject to a statutory hold period which expired on September 15, 2010.

Under the original terms of the Option Agreement, ICN was required to make a CDN $525,000 final cash payment and issue a further one million common shares to Seabridge. In lieu of making the final cash payment the Option Agreement was amended to provide for ICN to issue a convertible debenture for the principal amount of CDN $525,000 with an 18 month term bearing interest at a rate of 5% per annum (compounded annually) convertible into ICN common shares, at Seabridge's option, at $0.30 per share. The requirement for ICN to issue one million shares remained, and those shares were issued and delivered to Seabridge on April 13, 2010. The issuance of the convertible debenture was approved by the TSX Venture Exchange on April 27, 2010.

Carl Hering, President and CEO of ICN Resources, commented that "We are pleased to announce that Seabridge has, at their election, chosen to receive shares of ICN rather than a cash payment. I believe that this demonstrates the confidence that they have in the Company and the Goldfield Project currently being drilled by ICN."

The Hog Ranch property was optioned earlier this year to Pacific Rim Mining (see ICN news release of June 28, 2011), and Pacific Rim is pursuing an aggressive exploration program on the project as part of their option earn-in commitment, whereby they may earn a 65% interest in the property by expending an aggregate of US$8 million in exploration work and issuing an aggregate of 1 million common shares of Pacific Rim over a five year period.

On Behalf of the Board of Directors of ICN Resources Ltd.

Carl Hering, President & CEO

ICN Resources Ltd.

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