MARKHAM, ONTARIO--(Marketwire - April 12, 2011) - Beijing Donia Resources Co., Ltd. ("Beijing Donia") of Youse Dizhi Bldg., Block 4, Yard 5, Beiyuan, Chaoyang District, Beijing, China, announced today that on March 28, 2011 it acquired ownership of 9,213,889 units (each, a "Unit") of Silvore Fox Minerals Corp. ("Silvore") pursuant to a private placement at $0.09 per Unit for an aggregate purchase price of $829,250. Each Unit consisted of one common share (each, a "Share") and one-half of one common share purchase warrant (each, a "Warrant") in the capital of Silvore. Each whole Warrant entitles Beijing Donia to purchase an additional Share of Silvore at a price of $0.12 per Share during the first 12 months from the date of issuance of the Warrant and at a price of $0.15 per Share during the second 12 months.
Beijing Donia further announced that on April 7, 2011 it acquired ownership of an additional 39,853,772 Shares of Silvore pursuant to a distribution by Sino Minerals Corp. ("Sino Minerals") of its holdings in Silvore to its shareholders, of which Beijing Donia is the largest, on a pro rata basis. As a result of these two transactions, Beijing Donia owns a total of 49,067,661 Shares of Silvore, being approximately 30.22% of the issued and outstanding Shares of Silvore. If Beijing Donia exercised all of its Warrants, Beijing Donia would have ownership of 53,674,605 Shares of Silvore, being approximately 32.14% of the issued and outstanding Shares of Silvore.
Sino Minerals also announces that it has distributed on April 7, 2011 to its shareholders all 56,250,000 Shares of Silvore previously owned by it and now holds no Shares.
The Units purchased by Beijing Donia on March 28, 2011 and the Shares acquired by Beijing Donia on April 7, 2011 were international transactions made in accordance with local requirements of the acquiror.
The Units and Shares were acquired by Beijing Donia for investment purposes. Depending on market and other conditions and subject to compliance with applicable securities laws, Beijing Donia may increase or decrease its ownership of securities of Silvore.
About Beijing Donia Resources Co., Ltd.
Beijing Donia is a Chinese state controlled entity which is a subsidiary of Sinotech Minerals Exploration. Beijing Donia's mandate includes exploring for precious and base metal resources worldwide. The Chairman of Beijing Donia, Dr. Jingbin Wang, also serves as Executive Director of the China Nonferrous Metals Resource Geological Survey, Deputy Director of the China Nonferrous Metals Industry Association, President of Sinotech Mineral Exploration Co, and Chairman of Canaco Resources Inc.
Beijing Donia seeks to invest in mineral exploration and development opportunities in Canada. Its principal offices are located at Youse Dizhi Bldg., Block 4, Yard 5, Beiyuan, Chaoyang District, Beijing, China. For further information, please contact Helen Gao at (905) 968-1100.
About Silvore Fox Minerals Corp.
Silvore Fox Minerals Corp. is a Bedford, Nova Scotia, Canada based public mineral exploration company with 100% mineral rights to the claims at Coxheath, Cape Breton Island, Nova Scotia (known as the "Coxheath Deposit"). On November 17th, 2010, Silvore Fox entered into a Strategic Agreement with Beijing Donia at the China International Mining Conference, 2010. These strategic partnerships provide the Corporation with a strong platform for growth through mineral exploration expertise, funding and strategic acquisitions. SFX has an experienced management and geological team.
Contact Information:
or to obtain a copy of the report filed in respect of the
above, please contact:
Helen Gao
(905) 968-1100