Actus Minerals Corp.

February 25, 2011 19:44 ET

Actus Minerals Property Acquisition-Amendment to Proposed Financings

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 25, 2011) - Actus Minerals Corp. (TSX VENTURE:AAC) (the "Company") is pleased to announce that it has received Exchange acceptance to its previously announced (December 24, 2010) option agreement with Beaufield Resources Inc. Under the finalized terms of the agreement, for the Company to acquire a 50% interest, it must issue an aggregate of 1,250,000 shares and expend $650,000 over a three year period. The Company has issued 300,000 shares to Beaufield pursuant to the terms of the agreement. These shares have a hold period trading restriction expiring April 18, 2011.

The property, known as Casa Berardi, is located in the township of the same name, in the province of Quebec. An exploration program is being planned to include geological mapping, geochemistry and trenching, directed towards drill target definition.

Also, in the December 24, 2011 news release the Company announced two private placements, one consisting of flow-through units and the other common shares of the Company. The Company was unable at the time to complete the placements in a timely fashion. The Company therefore wishes to announce that it has renegotiated the common share placement. The placement will consist of the issuance of up to 3,500,000 Units at a price of $0.06 per Unit. Each Unit will consist of one common share and one share purchase warrant entitling the holder to purchase an additional common share of the Company at a price of $0.12 for a period of two years. Gross proceeds raised of $210,000 will be used for additional working capital for the Company.

The Company has also renegotiated the previously announced flow-through unit which will now consist of the issuance of up to 1,250,000 flow-through units at $0.12 per unit. Each "Unit" will consist of one flow- through common share and one non-transferable share purchase warrant exercisable to purchase an additional common share for a period of two years at a price of $0.20 per share. The gross proceeds of up to $150,000.00 will be spent on general exploration expenditures, which will constitute qualified Canadian exploration expenditures, as defined in the INCOME TAX ACT (Canada) and flow-through mining expenditures on the Company's prospects in Quebec.

All securities issued pursuant to both private placements will be subject to a four month hold period trading restriction.

The Company will pay a cash finders' fee of 7% of the gross proceeds, on the foregoing transactions.

On behalf of the Board of Directors

James Henderson, Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Actus Minerals Corp.
    Investor Relations
    604-682-8094 (FAX)