 | | | Published : June 15th, 2007 | Announces Closing of Blizzard Transaction |
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| | Thursday, June 14, 2007
Santoy Announces Closing of Blizzard Transaction
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Santoy Resources Ltd. (TSX.V: SAN) ("Santoy" or the "Company") is pleased to announce that the sale of the Company's Blizzard uranium deposit (the "Acquisition") as contemplated by the settlement agreements set out in the Company's news releases of January 27, 2006 and July 27, 2006 respectively have closed effective June 12, 2007. As part of the Acquisition, the Company's interest in the Blizzard uranium deposit in the Greenwood Mining Division of south-central British Columbia, has been assigned to Boss Power Corp. (formerly Boss Gold International Corp. -- new symbol TSX.V: BPU) ("Boss Power") in return for the issuance of 26,250,000 shares of Boss Power to Santoy. Concurrently with the closing of the Acquisition, Boss Power has also completed a financing for aggregate proceeds of approximately $6,260,000.
As described in Santoy's news release dated January 27, 2006, one of the terms of the settlement agreement with Anthony Bersuchi is that Mr. Beruschi would receive the right, subject to all applicable regulatory approvals, to an 18 month $1,000,000 private placement (the "Private Placement") in Santoy at $0.40 per unit with each unit comprised of one common share of Santoy and one-half of one common share purchase warrant with each whole warrant exercisable for one common share of Santoy for a one-year period at an exercise price of $0.50 per share. Although it was the intention of the parties to close the Private Placement concurrently with the final Acquisition, the Private Placement has not been completed as the requisite regulatory approval could not be obtained. The Private Placement remains an outstanding item between the Company and Mr. Beruschi and does not directly involve Boss Power. The parties are investigating, within the spirit of the original business intention, possible modifications to the original terms in the Settlement Agreement which would be both acceptable to the Company and in compliance with applicable TSX Venture Exchange requirements.
As previously disclosed, Santoy is funding $1 million of direct expenditures on the Blizzard ground to earn a 5% working interest in the property. This interest is convertible to a 1% NSR royalty as part of the settlement agreements. Further technical and financial details on the Acquisition are contained in a news release issued today by Boss Power. This news release and a NI 43-101 compliant Technical Report dated November 15, 2006 as revised on February 23, 2007 and May 30, 2007, authored by Dr. Peter A. Christopher, PhD, P.Eng are available at www.sedar.com under Boss Power's profile.
Early Warning Requirements under Applicable Securities Laws
As a result of the closing of the Acquisition, Santoy has received 26,250,000 common shares in the capital of Boss, which represent approximately 35.88% of the outstanding common shares of Boss. At present, Santoy does not have any intention to acquire ownership of or control over additional securities of Boss. A copy of the early warning report filed pursuant to the applicable securities legislation is available online at www.sedar.com under Boss's profile or may be obtained by contacting Santoy at 611 - 675 West Hastings Street Vancouver, BC V6B 1N2, tel (604) 669-4799, fax (604) 669-2543.
On Behalf of the Board of Directors
SANTOY RESOURCES LTD.
"Ron Netolitzky"
Ron Netolitzky, President
Cautionary Statement on Forward-Looking Information
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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Virginia Energy Resources Inc.
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DEVELOPMENT STAGE |
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CODE : VAE.V |
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ISIN : CA9278051011 |
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Virginia Energy is a gold and cobalt exploration company based in Canada. Virginia Energy develops gold, cobalt and uranium in USA, and holds various exploration projects in Canada. Its main asset in development is COLES HILL PROPERTY in USA and its main exploration properties are ALIMAK/DECADE, RKN/GOLDEN HEART AREA, ATHABASCA WESCAN SANTOY JV, OTISH, HATCHET LAKE, HAWK RIDGE, BLIZZARD, DOWLER LAKE, KARPINKA LAKE, THE BOW RIVER, KASMERE LAKE, HAZEMPA LAKE, FIR ISLAND, PATTYSON LAKE, BINGO and MUSTANG LAKE in Canada. Virginia Energy is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 8.0 millions as of today (US$ 7.2 millions, € 5.2 millions). Its stock quote reached its highest recent level on February 23, 2007 at CA$ 8.00, and its lowest recent point on April 17, 2009 at CA$ 0.07. Virginia Energy has 57 230 614 shares outstanding. |
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