| Sentient and Toro Energy Sign an Agreement Regarding Strateco | |
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BOUCHERVILLE, QUEBEC--(Marketwired - Nov 3, 2014) - Strateco Resources Inc. ("Strateco") (RSC.TO)(RF9.F) is pleased to announce that it has given its consent to a transaction between The Sentient Group ("Sentient") and Toro Energy Limited ("Toro"), an Australian public company with uranium exploration projects in Australia, including the Wiluna project set to become Western Australia's first ever uranium mine following final environment approvals granted April 2013. The transaction involves, among other things, the sale of a substantial portion of Sentient's holdings in Strateco and in SeqUr Exploration Inc. ("SeqUr"), a subsidiary of Strateco, in exchange for shares of Toro. Toro has acquired from Sentient: - 19.8% equity interest in Strateco;
- C$14.1M of secured Convertible Notes receivable in Strateco;
- C$3M senior secured first ranking loan receivable in Strateco;
- 5,000,000 common shares of SeqUr, representing 25% equity interest in SeqUr.
Subsequent to the transaction, Sentient, which held 27.13% of Strateco's share capital, retains approximately an 8% stake in the share capital of Strateco and 800 convertible notes representing an amount of $800,000 secured by a hypothec on Strateco's assets. Commenting on the transaction, Guy Hébert, President and CEO of Strateco, said that: "We see the arrival of Toro as major shareholder of Strateco as a very positive development. Toro has shown clear interest in the Matoush project, as well as in SeqUr's uranium projects in Saskatchewan. Toro's experience going through permitting the Wiluna project, in an area formerly under moratorium, will certainly be an asset for Strateco". This news release contains "forward-looking statements" subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct. Actual results and future events could differ significantly from those implied by such statements. These risks and uncertainties are discussed in Strateco's annual information form filed with the securities commissions of British Colombia, Alberta, Ontario and Quebec.
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Strateco Resources Inc.
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EXPLORATION STAGE |
CODE : RSC.TO |
ISIN : CA86269M1068 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Strateco Res. is a copper and lead exploration company based in Canada. Strateco Res. holds various exploration projects in Canada. Its main exploration properties are QUENONISCA, MISTASSINI, MONT-LAURIER, ECLAT, PACIFIC BAY, MATOUSH and APPLE in Canada. Strateco Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 10.5 millions as of today (US$ 8.6 millions, € 7.6 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 4.00, and its lowest recent point on October 31, 2014 at CA$ 0.02. Strateco Res. has 234 170 000 shares outstanding. |