Charlotte Resources Ltd.

June 21, 2012 08:00 ET

Charlotte Resources and Tanglewood Energy Terminate Negotiations for Business Combination

CALGARY, ALBERTA--(Marketwire - June 21, 2012) - Charlotte Resources Ltd. ("Charlotte") (CNSX:CHT) announced today that it has been unable to reach an agreement with Tanglewood Energy Inc. ("Tanglewood") in respect of the material terms of the previously announced transactions to combine the business and assets of Charlotte and Tanglewood, as discussed in Charlotte's news release dated April 10, 2012. As a result, Charlotte will not be proceeding with the previously announced private placement financing.

Charlotte has extended a $300,000 loan to Tanglewood to fund its short term general and administrative expenses. The parties are in discussions with respect to the repayment of the loan.

About Charlotte

Charlotte Resources Ltd. is a publicly traded company listed on the Canadian National Stock Exchange ("CNSX") and trading under the symbol "CHT". Charlotte owns mining assets in the Osoyoos mining district of British Columbia.

Investors are cautioned that, except as disclosed in this news release, any information released or received with respect to the transactions may not be accurate or complete and should not be relied upon. Trading in the securities of Charlotte Resources Ltd. should be considered highly speculative.

The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Charlotte Resources Ltd.
    John Proust
    President and Chief Executive Officer
    (604) 696-9020

    Tanglewood Energy Inc.
    Cory Dosdall
    President and Chief Executive Officer
    (403) 283-0010