Ballyliffin Capital Corp.
TSX VENTURE : BLL.H

August 09, 2011 19:19 ET

Ballyliffin Capital Corp.: Qualifying Transaction Announcement

KELOWNA, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2011) - Mr. Devinder Randhawa, President of Ballyliffin Capital Corp. (TSX VENTURE:BLL.H) (the "Corporation" or "Ballyliffin") announces that Ballyliffin has entered into a non-binding letter of intent with Grupo Dias Participacoes LTDA ("GD"), of Sao Paulo, Brazil in connection with a proposed qualifying transaction whereby Ballyliffin will, subject to a number of conditions, acquire a fifty-one percent (51%) interest in all of the mining and operational assets of GD known as the Grupo Dias Gold Projects. The transaction will constitute Ballyliffin's qualifying transaction ("QT") under the policies of the TSX Venture Exchange (the "Exchange").

Ballyliffin has agreed to work towards the completion of a definitive agreement with GD and further details will be announced shortly. Trading in the common shares of Ballyliffin will remain halted pending the release of further disclosure regarding this QT and the satisfaction of the initial filing requirements of the Exchange and a preliminary review by the Exchange.

CAUTIONARY STATEMENT

Completion of the above transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Ballyliffin Capital Corp.
    Mr. Devinder Randhawa
    President
    (250) 868-8177
    (250) 868-8493 (FAX)