Wabi Exploration Inc.

Wabi Exploration Inc.

January 05, 2015 14:05 ET

Wabi Exploration Inc. Completes Acquisition of 0.5% NSR on Georgia Lake and Conway Properties

TORONTO, ONTARIO--(Marketwired - Jan. 5, 2015) - Wabi Exploration Inc. (the "Company") is pleased to announce that further to its December 29, 2014 press release, it has completed an acquisition of James Brady's (the "Assignor") right, title and interest in a 0.5% net smelter royalty (the "Royalty") on the Georgia Lake and Conway Properties located in the Thunder Bay Mining District, Ontario.

Pursuant to the terms of the agreement, the Company has issued an aggregate of 500,000 common shares to the Assignor as consideration for the value of the Royalty. The securities to be issued in connection with the transaction will be subject to a four month hold period from the date of issuance.

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the acquisition of the Royalty constitutes a "related party transaction" as Mr. Brady, a related party of the Company, will receive 500,000 common shares of the Company in connection with the debt settlement. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101, based on the fact that the securities of the Company are only listed on the Canadian National Stock Exchange and the determination that the fair market value of the transaction does not exceed $2,500,000 and/or 25% of the market capitalization of the Company. A material change report will be filed not less than 21 days before the closing date of the transaction. This shorter period was reasonable and necessary in the circumstances to allow the Company to complete the acquisition of the Royalty in a timely manner.

Contact Information

  • Wabi Exploration Inc.
    James Brady
    President and CEO
    (416) 361-2823