CALGARY, AB / ACCESSWIRE / December 3, 2019 / Pacific Iron Ore Corporation (the "Corporation") announces that it has sold all of its mining claims (the "POC Claims") to an arm's length third-party purchaser (the "Purchaser") for cash consideration of $10,000, pursuant to the terms of a definitive claims purchase agreement between the Corporation and the Purchaser dated December 2, 2019 (the "Claims Purchase Agreement"). Under the Claims Purchase Agreement, the Purchaser has additionally agreed to (i) perform all of the obligations that the Corporation owes pursuant to two option agreements that it had previously granted over the POC Claims; and (ii) replace the Corporation's secured letter of credit in the amount of $38,800, which the Corporation had provided to applicable governmental authorities in respect of potential remediation obligations, with a secured letter of credit provided by the Purchaser.
Company Contacts:
For further information please refer to the Corporation's profile on SEDAR which can be accessed at www.sedar.com or contact:
Joel Freudman
President and Chief Executive Officer Telephone: (647) 880-6414
Forward Looking Information:
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Forward-looking statements include, but are not limited to, statements with respect to the Purchaser arranging for a replacement of the Corporation's letter of credit filed with applicable governmental authorities. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, but are not limited to the risk that the Purchaser is unable to arrange for the replacement of the Corporation's secured letter of credit, or to otherwise carry out all its obligations under the Claims Purchase Agreement. The forward-looking information contained in this press release is made as of the date hereof, and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking-information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE: Pacific Iron Ore Corporation
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