TORONTO, December 21, 2012 -
Takara Resources Inc. ("Takara" or the "Company") (TSXV:TKK) announces that Alicanto Minerals Inc. exercised its option to enter into a binding definitive agreement in respect of the purchase of Takara's wholly-owned subsidiary, StrataGold Guyana Inc. ("StrataGold") (announced December 5, 2012). The parties executed a share purchase agreement pursuant to which Alicanto has agreed to purchase StrataGold Guyana Inc. in consideration for, among other things, $600,000 cash (less unpaid liabilities in StrataGold in excess of $45,000).
Since the date of the option on December 5, 2012, Alicanto has paid Takara $100,000 cash towards the purchase price, and has paid, and will continue to pay, the operating costs (estimated $120,000) of StrataGold over the ensuing months to closing.
In the event that a meeting of Takara shareholders is required for this transaction, and Takara shareholders do not approve the transaction, Takara is obligated to reimburse Alicanto all funds advanced, with the exception of $20,000. In the event that the approval of Alicanto shareholders is required and not obtained, Takara may retain all funds advanced by Alicanto, with the exception of $30,000.
Closing of the sale of StrataGold Guyana Inc. is expected to occur on or before the end of February, 2013, and is subject to Takara shareholders approving the transaction, if required, on or before January 31, 2012. The transaction is also subject to completion of due diligence satisfactory to Alicanto, and to other customary conditions including the receipt of applicable regulatory approvals.
FOR FURTHER INFORMATION PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B., President & Chief Executive Officer
Takara Resources Inc.
(647) 430.0966 (office)
(416) 904.2714 (cell)
jennifer@capexgroupinc.com
Statement Regarding Forward Looking Information: Certain information contained in this news release, including any information relating to the proposed transaction and Takara's future financial or operating performance may be deemed "forward-looking". These statements relate to future events or future performance and reflect Takara's expectations regarding the transaction, and the future growth, results of exploration, business prospects and opportunities of Takara. These forward-looking statements are subject to a variety of risks and uncertainties that are identified and disclosed. Although Takara believes that the forward-looking information contained in this news release are based on reasonable assumptions, readers cannot be assured that actual results will be consistent with such statements. Accordingly, readers are cautioned against placing undue reliance on forward-looking information. Takara expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
NOT FOR DISSEMINATION IN THE UNITED STATES
