VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 22, 2016) - Mesa Exploration Corp. (TSX VENTURE:MSA)(OTC PINK:MSAJF) (the "Company" or "Mesa") is pleased to announce that it has entered into an agreement to sell (the "Transaction") the mineral claims that constitute the Sal Rica project to Uranium Resources, Inc. (NASDAQ:URRE)(ASX:URI) (URI).
Under the terms of the agreement between URI and Mesa, URI will acquire an undivided 100 percent interest in the Sal Rica project, subject to a 2 percent net smelter return royalty (NSR), for the following consideration:
- $50,000 cash to be paid to Mesa at closing;
- 100,000 common shares of URI to be issued to Mesa at closing, which will be subject to a registration statement to be filed by URI with the United States Securities Exchange Commission (the "SEC") within 28 days of the issuance of the shares; and
- an additional 100,000 common shares of URI to be issued to Mesa on the first anniversary date of closing, which will be subject to a registration statement to be filed by URI with the SEC within 28 days of the issuance of the shares.
Closing of the Transaction is expected to occur on or before October 21, 2016, subject to customary closing conditions. The Transaction was negotiated by the parties on an arm's length basis.
About Mesa Exploration:
Mesa is exploring a portfolio potash, gold and silver mineral properties in the United States where it controls significant land holdings in proven mining districts with excellent access and infrastructure. Mesa currently has 16.7 million shares issued and outstanding, 50% of the shares are controlled by insiders and institutions. For further information please visit our website at www.MesaExploration.com.
ON BEHALF OF THE BOARD, MESA EXPLORATION CORP.
(signed) Foster Wilson, President and CEO
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the Transaction may not close by the anticipated closing date or at all, unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.
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 of accuracy of this release.