Cassius Ventures Ltd.
TSX VENTURE : CZ

February 12, 2015 08:00 ET

Cassius Announces Exit From Nicaragua

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 12, 2015) - Cassius Ventures Ltd. (the "Company") (TSX VENTURE:CZ) announces that the Company has executed a share sale agreement (the "Agreement") with an arm's length Nicaraguan party (the "Purchaser") in respect of the sale of the Company's wholly owned subsidiary, Fortress de Nicaragua S.A. ("Fortress") to the Purchaser.

Fortress owns a total of sixteen concessions in Nicaragua, covering approximately 137,782 hectares. The Company has not been successful in restructuring the terms of the concessions, and in light of the current industry and capital market environment, the best path forward for the Company is to sell Fortress.

Under the terms of the agreement, the Purchaser will acquire the issued and outstanding shares of Fortress for 5,000 Nicaraguan Cordobas ($230 Canadian Dollars). Fortress has liabilities of approximately $1,100,000. Cumulative expenditures on the properties of Fortress total approximately $3,800,000. The Company understands that the Purchaser is a local Nicaraguan, who intends to seek re-negotiation of the terms of the mineral concessions held by Fortress.

The closing of the Agreement is subject to regulatory and shareholder approval. Finder's fees will be paid in connection with the Agreement.

Neither the 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.

Contact Information

  • Cassius Ventures Ltd.
    John A. Thomas, P.Eng
    CEO and President
    604 558 1107
    604 566 9081 (FAX)