Sonora Gold Corp. Sells Santa Gertrudis & Roca Roja Claims for US $3,050,000.00.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Sonora Gold Corp. (the "Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:SGG SGG Synthetic Greenhouse Gas SGG Superconducting Gravity Gradiometer SGG Sialosyl Galactosyl Globoside SGG Snow Gum Group (Australian project management consultant) )(PINK SHEETS:SGGFF) announces that it has entered into a Letter Agreement whereby the Company's Santa Gertrudis Santa Gertrudis Heaviest breed of beef cattle, developed in the 20th century by the King Ranch in Texas by crossing Brahman bulls with shorthorn cows. It is usually solid red with occasional small white markings on the forehead or the flanks. and Roca Roja claims are included in a proposed sale of the Company's wholly owned Mexican subsidiaries (First Silver Reserve S.A. de C.V. and Recursos Escondidos S.A. de C.V.). Sonora Copper LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a private United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. registered corporation with experience exploring and developing properties in Mexico, has proposed to purchase these assets from the Company. The terms of consideration payable to the Company includes both a cash and stock component, outlined below. The closing of the Letter Agreement is scheduled for May 17, 2006 upon approval of the transaction by the shareholders of the Company at the Company's Annual and Special Meeting on May 11, 2006. This Agreement is also subject to regulatory approval. Agreement terms consist of the following: CASH PAYMENTS -A US $100,000.00 non-refundable deposit on signing of the Letter Agreement; -A US $900,000.00 payment on closing of the agreement; -A US $1,025,000.00 payment three months after the closing of the agreement; -A US $1,025,000.00 payment six months after the closing of the agreement; Should any of the payments not occur as scheduled, the entire property and subsidiary companies will revert back to the Company. WARRANTS In the event that Sonora Copper LLC becomes a public company trading on a recognized stock exchange or OTC market Noun 1. OTC market - a stock exchange where securities transactions are made via telephone and computer rather than on the floor of an exchange over-the-counter market in the U.S. or Canada within two years of the closing date, the Company will receive a 24-month warrant to purchase up to the lesser of 1,000,000 shares or 5% of the fully diluted capital of such public company. The cost of the warrants to the Company will be the lesser of US $0.40 per share or the price at which Sonora Copper LLC achieves its initial public listing. This sale does not include the San Enrique San Enrique is the name of two places in the Philippines:
The Company is also continuing to investigate potential new resource exploration opportunities. On Behalf of the Board Dave McMillan, President & C.E.O. This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release. Sonora Gold Corp. (TSX VENTURE:SGG) (PINK SHEETS:SGGFF) |
|
||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion