CORONET METALS INC. ("CRF")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: March 18, 2015
TSX Venture Tier 2 Company
The TSX Venture Exchange Inc. (the "Exchange") has accepted documentation in connection with a share purchase agreement dated March 3, 2015 between Coronet Metals Inc. ("Coronet") and Pashleth Investments Ltd. ("Pashleth") under which Coronet will sell all of the shares of Coronet Metals (USA) Inc. ("Coronet USA"), which holds a lease of and the operating rights to the Liberty Precious Metals Processing Facility in Nevada (the "Liberty Processing Facility Lease") to Pashleth for the following consideration:
(a) Twenty thousand (US$20,000) dollars (US) (paid);
(b) Assumption of Liberty Processing Facility Lease payments of twenty thousand US$20,000 dollars US funds per month starting March 1st, 2015 for the 24 months (US$480,000);
(c) Assumption of all financial liabilities of Coronet USA totaling CAD$653,000;
(d) Assumption of environmental clean-up obligations, according to the Liberty Processing Facility Lease, including the safe disposal of all unused, partially used and used residual chemicals (cost not determined);
(e) An undertaking to provide copies of all government regulatory agencies final approvals of all clean-up activities (cost not determined); and
(f) A full and complete indemnity against any and all financial and environmental obligations of the Company, known and unknown, now or arising in the future relating to activities of the Company up to the date hereof (cost not determined).
The Company is relinquishing an intercorporate shareholder loan owed by Coronet USA. in the amount of CAD$3,030,948. The Company previously recorded a write down of the Liberty Precious Metals Processing Facility of CAD$2.2million in the quarter ending December 31, 2014 in respect of Coronet USA.
Insider / Pro Group Participation: Joel Dumaresq is a director of Coronet and beneficially owns Pashleth.
For further information please see the news release dated March 3, 2015 which is available under Coronet's profile on SEDAR.
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