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TORONTO, ONTARIO--(Marketwired - Mar 8, 2016) - Vendome Resources Corp. (TSX VENTURE:VDR)(FRANKFURT:9VR) has entered into an agreement to acquire a 100% interest in the Clinton Manganese Project owned equally by Geomap Exploration Inc. ("Geomap") and Larry Nemeth, located near Clinton, British Columbia (the "Proposed Transaction"). The 3 claims comprising the acquired property are located approximately 3-6 kilometers to the south of the village of Clinton, British Columbia and cover 954.53 hectares of land.
About the Proposed Transaction
In exchange for 100% interest in the Clinton Manganese Project, both Geomap, a British Columbia corporation wholly owned by Afzaal Pirzada and Larry Nemeth, an Ontario resident, both arm's length parties to Vendome, will each receive 200,000 common shares of Vendome on a post-30:1-Share Consolidation (as defined below) basis and will each receive a cash payment of $10,000. In addition, both Geomap and Larry Nemeth will each retain a 1% net smelter return on the project which may be reduced on payment of $1million per 1%.
"We are very excited to have acquired the Clinton Manganese Project in such a prospective manganese district in Canada. We will be reviewing the past geological and exploration data available on the property. We intend to test the targets in the next drilling season," commented John Priestner, CEO of Vendome Resources.
Vendome Share Consolidation
Immediately prior to or concurrent with the Proposed Transaction, Vendome intends to consolidate its issued and outstanding common shares and convertible securities on a one for thirty basis (the "Share Consolidation") to be authorized by the shareholders of Vendome at its 2016 annual general meeting which is expected to be held on or before June 30, 2016. All references to shares of Vendome issuable pursuant to the Proposed Transaction are made on a post-Share Consolidation basis.
Trading in the shares of Vendome is presently halted. It is uncertain whether the shares of Vendome will resume trading until the Proposed Transaction is completed and approved by the Exchange.
Completion of the Proposed Transaction is subject to a number of conditions, including those set out above as well as Exchange acceptance and the receipt of all requisite shareholder approvals, if required.
There can be no assurance that the Proposed Transaction will be completed as proposed or at all.
Vendome is a mineral exploration company located in Burlington, Ontario, Canada. Our primary focus is to acquire "near-term production" exploration mining projects and existing producers. Vendome Resources Corp. is managed by an experienced team of mining professionals with extensive operating and financial experience.
ON BEHALF OF VENDOME RESOURCES CORP.
W. John Priestner, President & Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements:
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.
This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.