CALGARY, ALBERTA--(Marketwire - Nov. 6, 2012) - DOT Resources Ltd. (News - Market indicators) ("DOT" or the "Corporation") announces that it has executed a purchase and sale agreement to acquire four complimentary copper porphyry properties adjacent to its 100% owned Dot copper porphyry property (the "Property") located 17 kilometres south of the Highland Valley copper porphyry district in Central British Columbia, Canada.
DOT has acquired a 100% interest in four exploration properties known as Promotory Hills (6,701 acres), Copper Belle (2,714 acres), Peacock (3,373 acres) and Cube (1,998 acres), all located in British Columbia (see location map - Figure 1).
As compensation for the acquisition of these four properties, DOT will issue to the seller Christopher Delorme ("Delorme") 1,200,000 shares of the Corporation (subject to regulatory approval) and $120,000, the payment for which is to be made as follows:
A. |
1,200,000 share compensation: |
|
1. |
300,000 shares to be issues within 30 days following the date when DOT receives approval from the TSX-V (the "Closing"); |
|
2. |
An additional 300,000 shares to be issued on or before November 1, 2013; |
|
3. |
An additional 300,000 shares to be issued on or before November 1, 2014; and, |
|
4. |
The final 300,000 shares on or before November 1, 2015. |
|
|
|
B. |
$120,000 payment: |
|
1. |
$30,000 payable within five business days following the closing of a financing by the Corporation or by April 1, 2013, whichever comes first; |
|
2. |
An additional $30,000 payable on or before November 1, 2013; |
|
3. |
An additional $30,000 payable on or before November 1, 2014; and, |
|
4. |
The final $30,000 payable on or before November 1, 2015. |
Closing of the purchase and sale is to occur within 30 days following the date in which regulatory approval is received.
In addition, Delorme retains a two percent royalty on the revenue realized by DOT on the sale of all ores and minerals mined or extracted from the properties. DOT may reduce the royalty from 2.0% to 0.5% at any time and at the Corporation's discretion, by making a one-time cash payment of $500,000.
Stated John J. Komarnicki, DOT's Chairman and CEO, "We have been assessing a number of opportunities to acquire complimentary properties to our DOT property, and the acquisition of Promotory Hills, Copper Belle, Peacock and Cube not only achieves this, but also increases our footprint in the Highland Valley district by over 300%."
ABOUT DOT
DOT is a Canadian corporation focused on the exploration and development of its copper porphyry property in central British Columbia. DOT is planning to assess additional copper, copper-gold and other precious metal properties for exploration and development opportunities throughout North and South America.
Prior to this acquisition, DOT owned a 4,800 acre, 100% controlled porphyry copper +/- molybdenum-gold-silver property located 17 kilometres south of the Highland Valley Mining District, in central British Columbia.
The Corporation's common shares trade on the TSX Venture Exchange under the symbol DOT. DOT's website can be accessed at www.dotresourcesltd.com.
Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian and United States laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, the ability to obtain funding to complete the acquisition and other factors and events described in this news release should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the resulting dilution caused by the raising of capital through the sale of shares, and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there is no certainty that additional exploration will locate additional resources and that there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward-looking statements are made based on management's beliefs, assumptions, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/dot1106fig1.pdf.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.