VANCOUVER, BC / ACCESSWIRE / June 30, 2015 / Santa Barbara Resources Limited (TSX VENTURE: SBL - "Santa Barbara" or the "Company") reports that following a review by the TSX Venture Exchange (the "Exchange"), the Exchange has determined that the Company has not maintained the Exchange's continued listing requirements because of the Company's continuing deficiency relating to working capital and classification as a junior natural resource mining company, and as a result the Company's shares have been transferred from Tier 2 of the Exchange to the NEX Board.
NEX is a separate board of the Exchange and it provides a trading platform for listed companies that have fallen below the Exchange's ongoing listing standards.
The Company's shares will be posted for trading at the opening on Thursday, July 2, 2015 under the symbol SBL.H.
As announced on November 19, 2014, the Company granted an option ("ERCED Option") to purchase all of the shares of the Company's wholly owned subsidiary, Santa Barbara Resources Peru S.A.C. ("SBL Peru"), the holder of the Sancos and Surapata gold projects in Peru to ERCED S.A.C., ("ERCED") a privately owned Peruvian mineral exploration and mining company.
The Company has received both shareholder and regulatory approval of the ERCED Option. Final completion of the sale is pending final clearance from Peruvian tax authorities. On February 25, 2015, the Company and ERCED entered into an agreement whereby ERCED agreed to assume the Company's corporate social responsibility payment of what is now 147,000 Soles (approximately US$46,408) and to deduct the amount from the final purchase price payment of US$615,000 to be paid to the Company on closing.
About the Company
Santa Barbara is a South American mineral explorer focusing on South America, and Peru in particular. The Company has 25.3 million shares outstanding. It is expected that the proposed sales transaction, if completed, will provide the Company with sufficient working capital to continue its mineral property acquisition and exploration activities for at least 12 months.
ON BEHALF OF THE BOARD
"Christoph Lassl"
_______________________________
Christoph Lassl, President and
Chief Executive Officer
Please visit the Company's web site: www.sbr-ltd.com. For further information, please contact Christoph Lassl, President and Chief Executive Officer. Telephone: 604-536-2711 or email: christoph@sbr-ltd.com.
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 news release contains certain statements that may be deemed "forward-looking" statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur and include, without limitation, statements regarding the Company's plans with respect to selling its mineral properties and obtaining the proceeds therefrom. Although Santa Barbara believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements due to factors such as uncertainties in obtaining required approvals or in completing a transaction in difficult market conditions. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Santa Barbara Resources Limited
