MONTREAL, QUEBEC -- (Marketwired) -- 10/02/16 -- Sunset Cove Mining Inc. (the "Company") (TSX VENTURE: SSM) has accepted the resignation of Lorne Woods as President, CEO and director of the Company, effective immediately. The Board of Directors will be meeting tomorrow to appoint as interim CEO and President.
The Company has been informed that the Company along with the proposed acquisition of the Houlton Woodstock Manganese Property located in Carleton County, New Brunswick has been referred to the Exchange's Compliance and Disclosure department. The Exchange is in the process of reviewing the timing between the execution of the option agreement, the payment of the initial cash portion of the consideration and public announcing of the option agreement (initially disclosed on June 28, 2016). The Board of Directors wishes to clarify the public record relating to the option agreement. An initial option agreement between the Company and Globex Mining Enterprises Inc. (TSX: GMX)(FRANKFURT: G1M)(OTCQX: GLBXF) was executed on September 18, 2015, which remained in escrow until the Company would have been able to make the initial cash payment. The Company was never in a position to fulfill its obligations under that option agreement and as such it became null and void. On April 22, 2016 the Company and Globex entered into a second option agreement, which was identical to the initial September 2015 version. The Company made the initial cash payment to Globex of $100,000 on April 28, 2016 to secure the option agreement, but was not in a position to actualize the agreement in terms of the expenditure program required until the private placement which closed in July was imminent. At which time the Company made the announcement regarding the option agreement.
Sunset Cove's mission is to acquire and advance high potential mining prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries. For more information visit the website at www.sunsetcovemining.com.
Forward-Looking Statement: Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Sunset Cove Mining. Actual results may differ materially from those currently anticipated in such statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Martin Kepman, Director