Vancouver -
Far Resources Ltd. (CSE:FAT) (FSE:F0R) (OTCPK:FRRSF) (www.farresources.com) (“Far Resources” or the “Company”) is pleased to provide an update on several corporate matters currently underway.
Zoro1 Claim
The Company acquired the Zoro1 claim covering approximately 52 hectares near Wekusko Lake in western Manitoba under an agreement with Top Notch Marketing Ltd., R. Ross Blusson and Double-U-Em Investments Ltd. (the “Vendors”). The Zoro1 claim is part of the Company’s Zoro Lithium Property. In May, 2017, the Company acquired the Zoro 1 claim by accelerating its original option (see news releases dated April 28, 2016 and May 9, 2017) in exchange for a payment to the Vendors of a total of 6,000,000 common shares of the Company at a deemed price of $0.10 per share (the “Payment Shares”) and a non-interest bearing promissory note for C$100,000 payable in 12 months from the closing of the agreement with the Vendors (the “Promissory Note”). The Promissory Note may be prepaid at any time without penalty.
The Company is pleased to announce that the Vendors have agreed to accept payment of the Promissory Note in Common shares of the Company instead of cash with such payment to be made immediately at a deemed price of $0.89 per share.
DTC Eligibility
The Company is pleased to provide an update on its application for DTC eligibility for its common shares as announced in a news release dated October 11, 2017. Far Resources’ common shares have been made eligible for delivery and depository services of The Depository Trust Company (the "DTC") to facilitate electronic settlement of transfers of its common shares in the United States. In the US markets, the Company’s common shares are quoted under the symbol FRRSF. The CUSIP number is the same for both the US and Canada: 30734R100.
Annual and General Special Meeting
The Company also provides an update on its previously announced annual general and special meeting to be held in connection with, among other things, a proposed plan of arrangement (the “Meeting”).
The Meeting was originally announced for Tuesday, December 5, 2017. The Company will now reschedule the Meeting to allow time to prepare all the shareholder materials required for the plan of arrangement (the “Plan of Arrangement”). This change of meeting date will have no effect on existing shareholders eligibility to participate in the Plan of Arrangement. The record date for shareholders to receive spin out shares from the Plan of Arrangement will be after the Meeting. As long as existing shareholders remain shareholders as of the share distribution record date to be determined for the Plan of Arrangement, they will be eligible to participate in the Plan of Arrangement. Full details of the Plan of Arrangement will be provided in a Management Information Circular (the “Information Circular”) that will be mailed in advance of the Meeting and publicly posted on Sedar (www.sedar.com).
Options
The Company also announces that it has granted 1,750,000 options to acquire common shares in the equity of the Company to certain officers, directors and consultants (the “Options”). Each Option is exercisable into one (1) common share in the equity of the Company at an exercise price of $0.89 per option share, expiring 5 years from date of grant. The issuance of securities described in this news release are subject to acceptance by the Canadian Securities Exchange. All amounts quoted in this news release are in Canadian funds.
About the Company
Far Resources Ltd. is an exploration company, publicly traded on the Canadian Securities Exchange under the symbol FAT, focused on the identification and development of high potential mineral opportunities in stable jurisdictions. Far Resources may acquire or option properties of merit to meet its ongoing goal to locate, advance and unlock the potential of these mineral opportunities. Far Resources has two option agreements in place. The Zoro Lithium Property covers a number of known lithium pegmatite occurrences and is located near Snow Lake, MB. Manitoba has been ranked as the world’s second best jurisdiction for mining investment by the Fraser Institute. The second option is on the Winston Property in New Mexico, USA, another historic mining property with potential for silver and gold; New Mexico is also listed by the Fraser Institute, ranking in the top 25 mining jurisdictions in the world. Please visit our updated website at www.farresources.com for full details on our current projects. Far Resources has optioned its wholly owned Tchentlo Lake Property in British Columbia, Canada to Alchemist Mining Inc.
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ON BEHALF OF THE BOARD OF DIRECTORS OF
Far Resources Ltd.
Keith C. Anderson, President
FOR FURTHER INFORMATION, PLEASE CONTACT US AT
CorpCom@FarResources.com
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance (including our planned exploration for the Winston Project and the Zoro Lithium Property) and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Source: Far Resources Ltd. (CSE:FAT, FWB:F0R, OTC Pink:FRRSF)
