Post by
biggeriron on Nov 19, 2014 6:49pm
News Release!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Frank Avatar Frank ✉ Mail ⚙ Help . . . Follow Yahoo Finance . . . . . . . . ... . . Wed, Nov 19, 2014, 6:46 PM EST - U.S. Markets closed . . . . Watchlist. Watchlist Recently Viewed Portfolio1 TheNewPorfolio . . Quotes you view appear here for quick access. .. . . .. . Finance Home My Portfolio My Quotes News Market Data Yahoo Originals Business & Finance Personal Finance CNBC Contributors . . . .. Recommended Games More games » . . Compare Brokers .. . Santa Barbara Shareholders Approve Sale of Sancos and Surapata Projects, Peru . Business Wire Santa Barbara Resources Limited 1 hour ago . ˠ ➕ ✕ . .. . . VANCOUVER, British Columbia--(BUSINESS WIRE)-- Santa Barbara Resources Limited (TSX-V: SBL - “Santa Barbara” or the “Company”) announced on October 6, 2014, that it had granted an option (“ERCED Option”) to purchase all of the shares of the Company’s wholly owned subsidiary, Santa Barbara Resources Peru S.A.C. (“SBL Peru”), the holder of the Sancos and Surapata gold projects in Peru, to ERCED S.A.C. (“ERCED”), a privately owned Peruvian mineral exploration and mining company. All of the shareholders who voted (32%), voted in favour of the sale of SBL Peru to ERCED at a shareholder meeting held November 6, 2014. The Company has now received both shareholder and regulatory approval of the ERCED Option. As previously reported, SBL Peru recently exercised its underlying option to purchase the Sancos property and paid a final option payment of US$400,000. The Company used a portion of the US$615,000 deposit (the “Deposit’) paid to it by ERCED in obtaining the ERCED Option in order to fund that payment. Title to the Sancos property is now in the process of being transferred to SBL Peru as the final remaining condition to ERCED exercising the ERCED Option. If ERCED exercises the Option it will pay the Company an additional US$615,000. If ERCED does not exercise the ERCED Option, once all conditions to exercise are met, then the Company will be entitled to keep the Deposit. About the Company . . Related Quotes . SBL.V 0.01 0.00% Santa Barbara Resources Limite … Watchlist 0.010.00(0.00%) CDNXFri, Nov 7, 2014 12:24 PM EST . Santa Barbara is a South American mineral explorer focusing on South America, and Peru in particular. The Company has 25.3 million shares outstanding. It is expected that the proposed sales transaction, if completed, will provide the Company with sufficient working capital to continue its mineral property acquisition and exploration activities for at least 12 months and the Company’s plan will be to pursue the acquisition of a quality mineral exploration property in that period. ON BEHALF OF THE BOARD “Christoph Lassl”