Vancouver, British Columbia, April 6, 2011 - Driven Capital Corp., (TSX.V - DVV) resumed trading on Tier 2 of the TSX Venture Exchange after obtaining Exchange approval of its Qualifying Transaction.
InvestmentPitch.com has posted a video discussing this transaction, which can be viewed by clicking here (http://www.investmentpitch.com/media/844/Driven_Capital_Corp._-_TSX.V:_DVV_-_News_Alert/). If this link is not enabled, please visit www.investmentpitch.com (http://www.investmentpitch.com/) and enter "Driven" in the search box.
Back in December, Driven Capital entered into an agreement with Ansell Capital, (TSX.V - ACP), for the exclusive option to acquire up to a 100% interest in Ansell's Kuyakuz Property. The Kuyakuz Mountain Property covers a total of 6,434 hectares and consists of 15 contiguous mineral claims, located in the Omineca mining division, approximately 125 kilometres southeast of the municipality of Vanderhoof.
Driven Capital's property is adjacent to the eastern boundary of Richfield Venture's (TSX.V RVC) Blackwater Project, and is located only 8 kilometres from Richfield's discovery area.
If the Blackwater Property sounds familiar, it's probably because New Gold recently acquired Richfield Ventures in a friendly $550 million deal, based on the potential of their Blackwater property.
In a conference call with analysts, Randall Oliphant, New Gold's (TSX - NGD) executive chairman stated "The project is in British Columbia, in a good location, near infrastructure. This adds a large, advanced stage exploration gold asset into the New Gold portfolio."
A report from Nathan Pearson of Resourcexinvestorinvestor (www.resourcexinvestor.com) calls the Blackwater Project one of the most important new gold discoveries in Canada, having already proved up 4 million ounces of gold, with mineralization remaining open in all directions.
Under the terms of their agreement with Ansell Capital, Driven Capital can acquire an undivided 70% interest in Kuyakuz for aggregate cash, share issuances and exploration expenditures of $160,000,800,000 shares, and $1,000,000 respectively over three years.
Driven Capital also has a further option to acquire the remaining 30% undivided interest in Kuyakuz by issuing to Ansell an additional 1.2 million shares on or before the 4th anniversary of the closing of the transaction.
Concurrently with its Qualifying Transaction, driven has completed a non-brokered a non-brokered private placement for gross proceeds of $823,500 (increased from $750,000). All the shares issued in the private placement and any resulting shares issued upon the exercise of any warrants will be subject to a hold period expiring on July 31, 2011. Net proceeds from the private placement will be utilized to fund the proposed work program on the Kuyakuz Mountain Property and for working capital.
After being halted for an extended period while the exchange reviewed the agreement, the shares closed at $0.29, up $0.19.
For a more information on Driven Capital please visit their website at www.drivencapital.ca (http://www.drivencapital.ca), phone 604-569-0799 or email info@drivencapital.ca
CONTACT:
Driven Capital Corp.
Toma Sojonky, President & CEO
604-569-0799
info@drivencapital.ca
InvestmentPitch.com
Barry Morgan, CFO
bmorgan@investmentpitch.com
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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
