VANCOUVER, BRITISH COLUMBIA -- (Marketwired - March 6, 2015) -
Columbus Copper Corp. (TSX VENTURE:CCU) ("Columbus Copper") announces that it has entered into an agreement (the "Agreement") pursuant to which it will acquire the rights to pending onshore hydrocarbon licence Block 8 (the "Licence") in Albania through the acquisition of BVI-incorporated Dinaric International Energy Corporation and its Albanian subsidiary, Albanides Energy Sh.p.k. Albania is a significant onshore oil producer in Europe and Block 8 is one of the largest exploration licences in that country. Following is a link indicating the location of Block 8:
www.columbuscopper.com/i/nr/2015-03-06-map.pdf
Under the Agreement, the shares of Dinaric will be transferred to Columbus Copper or its designated affiliate as soon as practicable. Upon formal granting of the Licence to Albanides, Columbus Copper will pay to the majority shareholder of Dinaric ("Antares") $90,000 and will issue to the shareholders of Dinaric (the "Vendors") and to shareholders of Antares a total of 9,300,000 of its common shares such that no individual or entity will receive more than 9.9% of the post-transaction issued and outstanding common shares of Columbus Copper. In the event that the Licence is not granted to Albanides by June 1, 2015 (unless otherwise agreed to by the parties), Columbus Copper will, at the election of the Vendors, either dissolve Dinaric and Albanides or return the shares of Dinaric to the Vendors. For clarity, no cash will be paid and no shares will be issued by Columbus Copper until the Licence has been granted to Albanides.
The Agreement and related transactions are subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
David Cliff
President & CEO
Neither the 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 release contains forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act of 1995 ("forward-looking statements"). In particular, and without limitation this news release contains forward-looking statements pertaining to the granting of the Licence and the transactions underlying the Agreement (the "Transactions"). Forward-looking statements involve risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by the forward-looking statements, including without limitation Columbus Copper's ability to acquire necessary authorizations including that of the TSX Venture Exchange required for the consummation of the Transactions; the ability of the parties to complete the underlying conditions to the Transactions, including the granting of the Licence to Albanides; political risk; environmental compliance; cost increases; competition for hydrocarbon properties; risks associated with projects at the stage of the Licence; dependence on third parties for services; non-performance by contractual counterparties; title risks; and general business and economic conditions. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about: that Columbus Copper and the Vendors will be successful in obtaining required authorizations; that the parties will be successful in completing the conditions precedent to the Transactions; general business and economic conditions; the timing and receipt of required approvals; availability of financing; power prices; ability to procure equipment and supplies; and ongoing relations with employees, partners and joint venturers. The foregoing list is not exhaustive and Columbus Copper undertakes no obligation to update any of the foregoing except as required by law.
Contact
Columbus Copper Corp.
Investor Relations
604-634-0971
604-634-0970 or 1-888-818-1364
info@columbusgroup.com
www.columbusgroup.com
