Cougar Minerals Corp. Closes Sale of Rice Lake Claims to San Goldadmin
October 17, 2013 – Cougar Minerals Corp. – TSX-V: COU ("Cougar" or the "Company") is pleased to announce that it has closed effective today its previously announced sale to San Gold Corporation ("San Gold") of a 100% interest in 20 mineral claims (the "Mineral Claims") representing approximately 3,117 hectares of land in the Rice Lake gold belt. San Gold paid Cougar a total consideration of 400,000 shares of San Gold and $125,000 cash.
San Gold and Cougar were parties to an option agreement dated June 14, 2011 (the "Option Agreement") by which San Gold had an option to acquire 80% of the Mineral Claims in consideration for certain exploration expenditures on the Mineral Claims and the purchase of certain securities of Cougar. The purchase and sale agreement to sell the Mineral Claims to San Gold has replaced the Option Agreement and the Option Agreement has terminated and is no longer in effect.
The closing of the sale of the Mineral Claims is subject to approval of the Toronto Stock Exchange in the case of San Gold.
COUGAR MINERALS CORPORATION
For more information, please contact:
Cougar Minerals Corporation
Murray Nye, President/CEO
s/ "Murray Nye "
The TSX Venture Exchange, nor its Regulation Services Providers (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information.
Posted: October 17th, 2013 under ACCESSWIRE.