PROVIDENCE RESOURCES CORP. ("PV")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: January 16, 2014
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Asset Purchase Agreement dated November 12, 2013, between Providence Resources Corp. (the "Company") and Eagle Plains Resources Ltd. ("Eagle Plains"), whereby Eagle Plains will purchase the 60% interest it does not already own in the Iron Range Project located near Creston, British Columbia (the "Project").
The consideration payable by Eagle Plains to the Company for the sale of its 60% interest is:
* issuing to the Company 500,000 of Eagle Plains' common shares;
* returning to the Company 900,000 of the Company's common shares, which were issued to Eagle Plains as partial consideration for earning in its interest in the Joint Venture, and which the Company intends to cancel and return to treasury upon return; and
* granting to the Company a royalty equal to 1% of net smelter returns on the Project.
The transaction has received:
* shareholder approval by written consent of shareholders holding over 50% of the issued securities of the Company; and
* an Exemption Order from the British Columbia Securities Commission (granted December 30, 2013) under section 114(2) of the Securities Act (British Columbia) for an exemption from the issuer bid requirements of Part 2 of Multilateral Instrument 62-104.
Further information on the transaction is available in the Company's news releases dated November 13, 2013 and January 16, 2014.
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