Tickers: XTSX:PXI, PINX:PNXPF
Tags: Mining
Vancouver, British Columbia / TheNewswire / June 23, 2016 - Planet Mining Exploration Inc. (the "Company" or "Planet") (TSX.V:PXI) is pleased to announce that it has signed an agreement with TomaGold Corporation ("TomaGold") to sell all of its interest in the Sidace Lake gold properly, specifically a stake of 39.5% (the "Sidace Property"), located 25 km northwest of Balmertown in the Red Lake mining camp, Ontario. TomaGold will purchase the Sidace Property from Planet for a price of $1,500,000 payable by the issuance of common shares in the capital of TomaGold (the "TomaGold Shares") at a deemed price of $0.10, for an aggregate of 15,000,000 TomaGold Shares.
Assuming completion of the sale of the Sidace Property, the TomaGold Shares will form part of the investment portfolio of the Company. The Company's primary business will remain being an investment issuer, focusing on, but not limited to, investing in early stage, high growth companies offering capital appreciation potential.
ON BEHALF OF THE BOARD
"Zula Kropivnitski"
Zula Kropivnitski
Corporate Secretary and Director
This press release contains forward looking statements which may include statements concerning completion of the sale of the Sidace Property. Although Planet believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Planet can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Any proposed transaction may not be completed if required approvals or some other condition to closing is not satisfied. Accordingly, there is a risk that any proposed transaction will not be completed within the anticipated time or at all.
The forward looking statements contained in this press release are made as of the date hereof and Planet undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange Inc. 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.
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