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TORONTO, ONTARIO--(Marketwire - June 15, 2009)
- Nevoro Inc. (TSX:NVR) ("Nevoro") today announces that it
has entered into an agreement with Beartooth Platinum Corporation (TSX
VENTURE:BTP) ("Beartooth") regarding the purchase and sale of
the property, plant and equipment comprising the Stillwater Complex
(together, the "Stillwater Assets") currently owned by
Beartooth.
Nevoro has agreed to purchase the Stillwater Assets for consideration
of $1,500,000 to be satisfied by the issue by Nevoro of 15,000,000
common shares in the capital of Nevoro and warrants to acquire
7,500,000 additional common shares of Nevoro at a price of $0.20 at any
time prior to the day that is 18 months from the Closing Date.
This purchase more than quadruples Nevoro's mineral properties in the
Stillwater Complex and brings together an unprecedented land package
incorporating nearly all of the district's important advanced
exploration targets - and all the identified historical mineral
deposits - occurring outside the JM Reef, host to one of the world's
largest and richest PGE operations and currently being mined by the
Stillwater Mining Company.
Completion of the Transaction is subject to Nevoro being satisfied with
the results of its due diligence review of the Stillwater Assets,
Beartooth being satisfied with the results of its due diligence review
of Nevoro, receipt of all required regulatory approvals and compliance
with all applicable regulatory requirements and conditions.
It is the intention of the Companies that the sale of the Stillwater
Assets will be completed as soon as practicable after the completion of
the Beartooth-Kria Transaction. In the event that that the
Beartooth-Kria Transaction has not been completed by July 31, 2009,
then Beartooth will proceed forthwith to obtain all additional required
approvals, including the approval of shareholders of Beartooth to
effect the Transaction by no later than September 30, 2009.
Kria's President and CEO, Mike Hoffman, commented, "We are very
impressed with the quality of both the assets and management team at
Nevoro and feel that participating as an investor in Nevoro moving
forward will provide additional value to our shareholders."
Beartooth's President and CEO, Mike Johnson, commented, "As a
company with tremendous experience in the Stillwater district through
Nevoro's current assets, the sale of the Stillwater Assets to Nevoro
will provide Beartooth shareholders with more leverage to the
Stillwater district as Nevoro has an excellent land position with
significant existing nickel, copper, chromite and platinum group metal
historic resources (non 43-101 and not to be relied on). In addition
Nevoro's other property interests such as the Moonlight copper project
in California are expected to provide further opportunities for
shareholder value."
The Beartooth-Kria Transaction has obtained final court approval in
relation to the previously-announced business combination. The
completion of the Beartooth-Kria Transaction remains subject to TSX
Venture approval with closing of the Transaction to occur as soon after
the receipt of approval as practicable. The stock symbol KIA has been
reserved and is expected to be assigned to the combined company.
About Beartooth Platinum
Beartooth is focused on the exploration for Platinum Group Metals (PGE)
globally. Beartooth has property interests in two PGE camps: the
Stillwater and Bushveld intrusive complexes. In Montana, USA, Beartooth
controls 1,054 unpatented lode mineral claims over the exposed 50-km
strike length of the Stillwater Intrusive Complex. The Stillwater
Complex hosts the JM-Reef, the world's highest-grade primary PGE
deposit. For additional information about Beartooth please visit the
company's website at www.beartoothplatinum.com.
About Kria Resources
Kria Resources is a private base metal exploration and development
company focused on high-quality, advanced-stage base metal assets.
Kria's primary assets include the Ruttan copper-zinc sulphide project
near Leaf Rapids, Manitoba and the Halfmile Lake and Stratmat
properties near Bathurst, New Brunswick. For additional information
about Kria please visit the company's website at www.kriaresources.com.
About Nevoro
Nevoro is a TSX-listed exploration and development company focused on
the discovery of precious and base metals primarily in the western USA.
Nevoro holds the Stillwater nickel-copper-cobalt-PGE-chromite project
in Montana with historic copper, nickel, chromite resources (non 43-101
and not to be relied on) and the Moonlight copper project in California
with significant NI 43-101 copper resources. Nevoro also holds 11 gold
and base metal exploration projects in Nevada and Idaho.
The Qualified Person under NI 43-101 responsible for reviewing and
presenting all technical data reported in this news release is Mel
Klohn, Director and Executive Vice President, Exploration, for Nevoro
Inc.
For more information, please visit the Nevoro Inc. website at www.nevoro.com.
CAUTIONARY STATEMENT: All statements, other than historical fact,
contained or incorporated by reference in this news release, including
any information as to the future financial or operating performance of
Nevoro, constitute "forward looking statements" within the
meaning of certain securities laws, and are based on expectations,
estimates and projections as of the date of this news release. Such
"forward looking statements", reflects management's current
beliefs and are based on information currently available to management
of Nevoro. In some cases, forward-looking information can be identified
by terminology such as "may", "will",
"should", "expect", "plan",
"anticipate", "believe", "estimate",
"predict", "potential", "continue",
"intention" or the negative of these terms or other similar
expressions concerning matters that are not historical facts.
Forward-looking information in this news release includes but is not
limited to economic performance of Nevoro, statements regarding
potential mineralization and resource, exploration and future plans and
objectives of Nevoro, including exploration and development.
Forward-looking information involves significant risks and
uncertainties. A number of factors could cause actual events or results
to differ materially from the events and results discussed in the
forward-looking information including risks related to investments,
conditions of capital markets, economic conditions, dependence on key
personnel, interest rates, regulatory change and availability of future
financing. These factors should not be considered exhaustive. In
addition, in evaluating this information, investors should specifically
consider various factors, including risk factors, which may cause
actual events or results to differ materially from any forward-looking
statement. In formulating forward-looking information herein,
management has assumed that business and economic conditions affecting
Nevoro will continue substantially in the ordinary course, including
without limitation with respect to general levels of economic activity,
regulations, taxes, interest rates and that there will be no material
changes. Although the forward-looking information is based on what
management of Nevoro considers to be reasonable assumptions based on
information currently available to it, there can be no assurance that
actual events or results will be consistent with this forward-looking
information, and management's assumptions may prove to be incorrect. This
forward-looking information is made as of the date of this press
release, and Nevoro does not assume any obligation, except as required
by law, to update or revise them to reflect new events or
circumstances. Undue reliance should not be placed on forward-looking
information.
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