FOR IMMEDIATE RELEASE
Thursday, October 30, 2014
Johannesburg, South Africa, Harare, Zimbabwe, Vienna, Austria, Toronto, Canada, Tokyo, Japan – October 30, 2014 – The Board of African Compass International Limited (“ACI” or the “Company”) is pleased to announce that ACI Canada has signed Indicative Principal Terms of Agreement (the “Terms”) with a private Canadian metals exploration and development company (the “Explorer”).
The Company and Explorer pursuant to the Terms, have entered an open exclusive relationship and agree to pursue a binding Sale and Purchase Agreement (the “Agreement”) with the principal objective of the Company acquiring the Explorer’s Mexico based mining assets (the “Assets”) rights and interests.
As a condition of the Agreement, the Company will immediately place an undisclosed sum in escrow to conduct accounting, legal and technical due diligence investigation on the Assets and has the exclusive right to acquire the Assets, subject to the successful outcome of the investigations and certain third party consents. Pursuant to the Terms, the Company may exercise its right to acquire the Assets upon completion of formal documentation to acquire the Assets of the Explorer for a confidential cash consideration.
Pursuant to the Agreement during this open exclusivity period, the Explorer, its directors, officers, employees, agents, contractors, sub-contractors, consultants, auditors, attorneys, financial advisers, and other third persons “Representatives” are prohibited from partaking in communications in regard to the Assets with any other parties.
The Assets have NI 43-101 compliant resource estimates and the goal upon acquisition close is advancing the Assets to the feasibility stage.
About ACI
African Compass International (“ACI”) is a global diversified private natural resources company in frontier, emerging/established emerging and developed markets. The Group farms, explores, sources, refines and produces, inter alia, agriculture products, base metals, ferrous & non-ferrous metals, minor metals, platinum group metals, precious metals, oil & gas and commercial energy. Our diversified operations in Africa, Americas and Eurasia are supported by offices in Austria, Canada, Japan and Zimbabwe. ACI always seeks partnerships with all its stakeholders that will add value to projects at hand based on the core values of honesty, integrity and vision.
Supporting Resources: please visit www.africancompassinternational.com; follow @Afrikancompass on Twitter, or join ACI on LinkedIn.
For and on behalf of the Company’s Board
Julian RUPARE, Jr. CEO & Chair
GLOSSARY OF TERMS:
The following are the main terms and abbreviations used in this webnews:
ACI African Compass International Limited and/or its subsidiaries, as appropriate
Board Board of Directors
CEO Chief Executive Officer
CG Chief Geologist
CLO Chief Legal Officer
Company African Compass International or African Compass International Limited
COO Chief Operating Officer
NI National Instrument
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African Compass International
Johannesburg | Harare | Vienna | Toronto | Tokyo
Directors J RUPARE Jr (CEO) C N RUPARE (COO) U MAZUNGA (CLO) V M S CORREIA (CG)
