Wolverine Minerals Announces Sale of Colombian Assets
February 17, 2016 TSX.V Symbol: WLV Frankfurt Symbol: 4LP
WOLVERINE MINERALS ANNOUNCES SALE OF COLOMBIAN ASSETS
Wolverine Minerals Corp. (the “Company”) (TSX-V: WLV) announces that it has entered into a share purchase agreement dated February 16, 2016, pursuant to which it has sold its wholly-owned subsidiaries, Remedios Gold Holdings S.A., Remedios Gold S.A.S. and Nueva Grande S.A.S. (together, the “Subsidiaries”), to Vecino Ventures S.A. (the “Purchaser”), a private Panamanian company (the “Transaction”). The Subsidiaries hold certain mining concessions (collectively, the “Properties”) located in the mining district of Remedios-Segovia, in the northeast of the Department of Antioquia in Colombia.
In consideration for the sale and transfer of all of the issued and outstanding shares of the Subsidiaries to the Purchaser, the Purchaser will assume and be responsible for all liabilities of the Subsidiaries, and the Purchaser has agreed to grant the Company a 3.0% net smelter return royalty on net proceeds received by the Subsidiaries from the sale of gold, silver and platinum group metals recovered from production from the Properties. The Purchaser will be entitled to repurchase this royalty from the Company at any time for US$700,000.
The board of directors of the Company has decided on this corporate action given the current difficult situation within Colombia. The board believes that the interests of shareholders of the Company will be best served by disposing of the Subsidiaries in order to strengthen the Company’s balance sheet.
WOLVERINE MINERALS CORP. www.wolverineminerals.ca
Per: “Thomas A. Doyle” For further information, please contact: Thomas A. Doyle President & CEO Thomas A. Doyle Logan Anderson Phone: (604) 689- 5722 Email: [email protected]
Neither 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.
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