April 15, 2014 13:21 ET
TORONTO, ONTARIO--(Marketwired - April 15, 2014) - Red Crescent Resources Limited (TSX:RCB)(FRANKFURT:7RC) ("RCR" or the "Company") wishes to update the status of its Share Purchase Agreement (the "SPA") with Ebullio Mining Limited ("Ebullio") dated January 31, 2014 and amended on April 1, 2014 (the "Amendment").
Pursuant to the Amendment, Ebullio agreed that in the event that any event or issue comes to light prior to completion and which relates to the Sivas licences and which would have a material adverse economic impact on the ability of RCR Quantum to generate revenue from the extraction and sale of copper ore from the territory to which such licences relate, then Ebullio is entitled to rescind the SPA, unless such issue is capable of remedy and Red Crescent has remedied the issue to the reasonable satisfaction of Ebullio (in which case Ebullio would be required to complete the acquisition).
On April 11, 2014 Ebullio advised RCR that it would not close the transaction because:
In response, RCR advised Ebullio that:
Notwithstanding the above, Ebullio refused to close and RCR is now in discussions with its shareholders and legal counsels, on how to respond given its limited financial means.
Red Crescent Resources LimitedGrant SawiakAssistant Secretary416-941-8841416-941-8852 (FAX)firstname.lastname@example.org
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