Vantex Resources Announces Completion of Repurchase of Option to Galloway Property from Vanstar Mining Resources Inc.
Jan 5, 2017
LA PRAIRIE, QUEBEC - (Marketwired - Jan. 5, 2017) - Vantex Resources Ltd. (TSX VENTURE:VAX) ("Vantex" or the "Company") announces the closing of its previously announced repurchase of a 50% interest in certain mining claims, specifically in the Renault Bay, Perron, and Hurd Blocks, situated in Dasserat Township, Abitibi, and referred to as the Galloway Property, located in the Rouyn-Noranda area of Quebec, Canada (the "Property") from Vanstar Mining Resources Inc. ("Vanstar") (TSX VENTURE:VSR).
Vantex has repurchased all rights related to the Property from Vanstar and has provided Vanstar with a cash payment of $50,000, a share payment of 2,500,000 common shares in the capital of Vantex (the "Shares") at a deemed price of $0.025 per Share, and a 0.5% net smelter return royalty on the claims that constitute the Property. As previously announced, Vanstar also received $100,000 from Vantex, by way of private placement by issuing 1,428,571 common shares of the capital of Vanstar (the "Vanstar Shares") at a deemed price of $0.07 per Vanstar Share.
Furthermore, Vanstar announces that is has received an additional sum of $80,750 from exercised warrants, in December.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.