Salazar Provides Update On Promissory Note Financing
VANCOUVER, BRITISH COLUMBIA - SALAZAR RESOURCES LTD. (TSX.V: SRL; FSE: CCG) (the “Company”) – Mr. Fredy Salazar is pleased to report that the Company has closed on the first tranche of the royalty sale announced on April 6, 2016. The Company has sold to RCF VI SRL LLC (“RCF”) a 1% net smelter returns royalty (“NSR”) in the Curipamba project and has received US$2,375,000. The sale to RCF of an additional 1% NSR (the “Additional Royalty Sale”) for an additional US$2,375,000 is to close after completion of the next phase of work programs and the satisfaction of all other conditions precedent.
Said Mr. Fredy Salazar “We are extremely pleased to have closed on the first tranche of the royalty sale and we look forward to immediately begin work on the approved work programs including a planned drill program of 10,000 metres.”
The Company has also issued 8,484,850 common shares and 4,242,426 share purchase warrants to complete the previously announced debt settlement transactions. The issuance of these securities was contitional upon closing of the sale of the 1% NSR to RCF. The securities have a hold period expiring on November 19, 2016.
About Salazar Resources Limited
Salazar Resources Ltd. is a publicly-listed (TSX.V: SRL; FSE: CCG) mineral resource company engaged in the exploration and development of new highly-prospective areas in Ecuador. Led by a senior Ecuadorian management team and most notably by its namesake Fredy Salazar, this team has been instrumental in other major discoveries throughout Ecuador. Being based in Ecuador, thus having thorough knowledge of local human and environmental issues, gives the company a strategic advantage, enabling it to complete exploration at a rapid pace. With an excellent property portfolio (3 projects- 42,900 hectares), good geopolitical positioning and a number of strategic corporate and financial partnerships, Salazar has positioned itself to be a strategic player in Ecuador and throughout South America.
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 news release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the successful completion of the Additional Royalty Sale. Such forward-looking information is based on a number of material factors and assumptions, including that the Company will be able to satisfy the conditions precedent to closing of such transaction. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward- looking information except in accordance with applicable securities laws.
Fredy Salazar, President & CEO Salazar Resources Limited
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