News

 
EL NINO VENTURES MODIFYS ASSET PURCHASE AGREEMENT BY PUMA EXPLORATION
view PDF
ELN News May 1 2017
 

May 01, 2017 Vancouver, BC - El Niņo Ventures Inc. ("ELN" or the "Company") (TSXV: ELN; OTC Pink: ELNOF; FSE: E7Q) EL Nino Ventures ("ELN") is pleased to provide an update of the acquisition of the Murray Brook Deposit in the Brunswick Mining Camp (BMC). ELN is pleased to report that by mutual agreement ELN and PUMA have agreed to modify the terms of the initial closing of the asset purchase agreement. The initial payment has been modified to a cash payment of $300,000, from which, $200,000 has already been delivered to El Nino and the issuance of 5,000,000 Puma's shares at the closing date.

The second payment of $400,000 is postponed to April 30th, 2018, has increased to $500,000 and will be added to the existing payment of $1,000,000 due for April 30th, 2018 for a total amount of $1.5M. In the event that Puma raises $1M during the first 6 months (up-to October 30th-2017), then the payment and the schedule remain the same and Puma will pay $400,000 on or before October 30th-2017.

Except as specifically modified pursuant to this release, no other changes or modifications to the Asset Purchase Agreement are intended or implied or have otherwise been agreed between the Parties, and in all other respects the Asset Purchase Agreement is hereby specifically ratified, restated and confirmed by the Parties. The modifications have to be reviewed by the usual regulatory agencies and the closing is expected shortly.

The Murray Brook property consists of Mining Lease 252 and contiguous Mineral Claim Block 4925 (245 claims) located 4 km west of the producing Caribou Mine, which is owned and operated by Trevali Mining Corporation. With the purchase of the Murray Brook Deposit and Murray Brook Minerals inc., Puma will hold significant assets in the Bathurst Mining Camp, which has produced over 120 million tons of ore since the opening of the Brunswick No.12 Mine.

El Nino will continue to maintain its current interest in the Bathurst Zinc Project - Bathurst Option Joint Venture (BOJV) also located in the Bathurst Mining Camp.

For more information on the Company please go to www.elninoventures.com


On Behalf of the Board of Directors

"Harry Barr"

Harry Barr
Chairman & CEO
El Nino Ventures Inc.


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.

 
 

You can view the Previous News Releases item: Thu Mar 30, 2017, UPDATE ON THE ACQUISITION OF THE MURRAY BROOK PROPERTY BY PUMA EXPLORATION

You can return to the main News Releases page, or press the Back button on your browser.