|By Marketwired .||
|May 1, 2014 05:46 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/01/14 -- Anglo Swiss Resources Inc. (TSX VENTURE:ASW)(PINKSHEETS:ASWRF) ("Anglo Swiss" or the "Company") is very pleased to announce that it has closed the sale of the Company's Kenville Gold Property (the "Property") and received the second payment of $800,000 from 0995237 B.C. Ltd.
Total consideration for the purchase of the Property is $5,900,000 which has been satisfied by the delivery to Anglo Swiss of a $100,000 deposit (received) and the payment of $800,000 received on closing. The remaining $5,000,000 will be satisfied by five (5) annual payments of $1,000,000 starting on or before May 1, 2017. The remaining payments are secured by a Royalty Agreement registered on title to the Kenville Gold Property and a Specific Security Agreement registered under the Personal Property Registry, British Columbia.
Jari Paakki, CEO commented, "Closing of this transaction is a key part of our rebranding initiatives with the goal of improving the Company's future ability to grow and increase shareholder value. Funds received today will allow the Company to complete the acquisition of Gungnir Resources Inc. ("Gungnir") and its properties in Sweden and start exploration work this summer."
Shareholders of Anglo Swiss voted by an overwhelming majority to approve the sale of the Kenville Gold Property and the acquisition of Gungnir and its Swedish properties at the Company's recently held Annual General and Special Meeting of the Shareholders on April 11, 2014 (see news release dated April 15, 2014).
ON BEHALF OF THE BOARD OF DIRECTORS,
Jari Paakki, P.Geo., CEO
About Anglo Swiss:
Anglo Swiss Resources Inc. is a Canadian-based, TSX-V listed company focused primarily on gold exploration. The Company holds a $5M royalty stream set at five (5) annual $1M advanced payments starting in 2017 from the sale of the Kenville Gold Property. Anglo Swiss has recently entered into an agreement in principle to acquire gold exploration properties in Sweden and plans to formally complete the acquisition and commence exploration in Sweden. The Company holds the Blu Starr Flake Graphite property in southeastern BC and the Lansdowne House nickel-copper property in northern Ontario. The Company also owns a transferrable BC PAC (Portable Assessment Credit) account with a balance of more than $4.5M. Further information about the Company may be found at http://www.anglo-swiss.com or at http://www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Anglo Swiss Resources' plan for future exploration and development of its properties. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the Property, or t hat the Company will be able to raise sufficient capital to complete all of its exploration and drill programs. Accordingly, undue reliance should not be placed on forward-looking statements or information. Anglo Swiss does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.
Neither 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