TORONTO, ONTARIO--(Marketwired - May 22, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
BE Resources Inc. (TSX VENTURE:BER) ("BER" or the "Company") is pleased to announce that it, through its 100% owned Canadian Subsidiary, 8716650 Canada Limited, has closed the acquisition of an option (the "Option") from Gary Reid (the "Optionor") of a 100% interest in the LaFlamme Graphite Property located in Bernetz Township in the the Abitibi area of Quebec, as previously announced on January 22, 2014.
The consideration for the Option is $20,000 and 200,000 common shares of BER, of which $10,000 and the 200,000 common shares payable to the Optionor being conditional upon: (1) BER closing a flow-through financing, introduced to BER by the Optionor, of between $500,000 to $1,000,000 at a subscription price of not less than $0.35 per flow-through share, and (2) BER closing a hard dollar, non-flow-through, financing of not less than $300,000.
The Company received conditional approval of the Option from the TSX Venture Exchange ("TSXV") on March 7, 2014. The acquisition of the Option was considered a Reviewable Transaction as defined in TSXV Policy 5.3- Acquisitions and Dispositions of Non-Cash Assets.
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.