TORONTO, ONTARIO--(Marketwired - May 8, 2014) - AgriMinco Corp. (TSX VENTURE:ANO) ("AgriMinco" or "Company") is pleased to announce the results of a special meeting of shareholders ("Special Meeting") held today, May 8, 2014, in Toronto, Canada. At the Special Meeting an option agreement ("Agreement") dated March 19, 2014 between Premier African Minerals Ltd. ("Premier") and AgriMinco was approved by disinterested shareholders of the Company. Pursuant to the Agreement, Premier shall have the option to purchase the Company's 30% interest in the Danakil Potash Project.
In order to exercise its option, Premier must, on or before the earlier of (i) the date that is five business days after the receipt by AgriMinco of TSX Venture Exchange approval; and (ii) June 30, 2014: 1) cancel all of the shares of the Company owned by Premier (120,821,176 shares) for no consideration; 2) deliver and effect payment of debt settlement agreements in favour of the Company releasing the Company from an aggregate of CDN$2,265,819.50 in liabilities; and 3) issue to the Company new Premier ordinary free trading common shares with an aggregate value equal to CDN$1,000,000.
AgriMinco Corp. is a Canadian company based in Toronto, Ontario Canada. For more information regarding AgriMinco visit our website at www.agriminco.com.
This press release may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to changes in general economic conditions or conditions in the financial markets. Such forward-looking information is based on a number of assumptions, including but not limited to, there being no significant decline in existing general business and economic conditions. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligations to update publicly or otherwise revise any forward-looking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Company's filings with the Canadian securities regulators available on www.sedar.com.
Neither 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.