Cap-Ex Ventures Ltd. Closes Acquisition of Labrador/Quebec Iron Ore Properties
08.03.2011 | Marketwire
VANCOUVER, March 8, 2011 - Cap-Ex Ventures Ltd. ("Cap-Ex" or the "Company") (TSX VENTURE: CEV) (FRANKFURT: X0V) is pleased to announce it has closed its acquisition of a 100% right and interest in a group of Labrador/Quebec Iron Ore properties (the "Schefferville Properties", as described in the Company's news release dated January 18, 2011) from Mandu Resources Ltd., Bedford Resources Partners Inc. and 743584 Ontario Inc. (the "Vendors").The total consideration for the Schefferville Properties was a cash payment of $275,000 and the issuance of a total of 5,000,000 common shares (the "Shares") of Cap-Ex to the Vendors. The Shares are subject to resale restrictions equivalent to those of a TSX-Venture Exchange Tier II Value Escrow Security Agreement. In addition, all of the Shares are subject to a four month Exchange hold period expiring four months from the date of issuance.
The Vendors have retained a 1.8% royalty (the "Royalty") on iron ore produced from the Schefferville Properties. Cap-Ex has the right, until March 8, 2013, to purchase 0.5% of the Royalty (reducing the Royalty to 1.3%) by paying to the Vendors $1,000,000.
CAP-EX VENTURES LTD.
Andrew Bowering
President and CEO
"This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."
"Neither the 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."
For more information, please contact
Cap-Ex Ventures Ltd.
Investor Relations
604-669-2279
604-602-1606 (FAX)
info@cap-ex.ca
www.cap-ex.ca