Greater China Capital Inc. (GCA_P.V) announced that it has received Exchange conditional approval to close its "Qualifying Transaction". The Qualifying Transaction is scheduled to close on or about June 25, 2012 and remains subject to final exchange approval.
On April 27, 2012 Greater China entered into a definitive agreement dated April 27, 2012 with Northern Skye Resources Ltd., Trueclaim Exploration Inc. and Frank P. Tagliamonte in respect of a proposed Qualifying Transaction.
On completion of the Transaction and pursuant to the Agreement, Northern Skye will assign Greater China: (i) an option to earn up to an undivided 50% interest in mineral claims located in the province of Quebec, known as the Hebecourt Project, which are currently subject to an option agreement dated July 18, 2011 in favour of Northern Skye from the registered holder of the claims, Tagliamonte (the "Tagliamonte Option"); and (ii) a 50% working interest in mineral claims held by Northern Skye that are contiguous to the Tagliamonte Option, subject only to a net smelter return royalty of 2.5% in favour of Northern Skye.
The Agreement also includes a term sheet for a joint venture agreement that is expected to be entered into by Greater China and Northern Skye after completion of the Transaction.
As per the terms of the Agreement, Greater China must pay to Tagliamonte the aggregate sum of $300,000 in cash over a period of four years; incur cumulative expenditures of not less than $2,500,000 on or in respect of the Property over a period of five years (approximately $120,000 of which has already been spent by Northern Skye and will be reimbursed by Greater China); and issue to Tagliamontethe aggregate of 185,000 common shares of Greater China over a four year period.
 | | To receive FREE breaking news email alerts for GEOCAN Energy Inc. and others in your portfolio |
|
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Business News