Vatic Ventures Corp. Receives Approval to Close the Acquisition of 80% of Thai Potash Company and First Tranche of $1 Million Financing
VATIC VENTURES CORP. VATICVENTURES.COM
VATIC VENTURES CORP. 200-1008 HOMER STREET VANCOUVER, BC V6B 2X1 CANADA
Vatic Ventures Corp. Receives Approval to Close the Acquisition of 80% of Thai Potash Company and First Tranche of $1 Million Financing
Vancouver, BC, October 21, 2016 - Vatic Ventures Corp. (the "Company" or "Vatic") (NEX VCV.H and Frankfurt: V8V) is pleased to announce that it has received approval from the NEX Board of the TSX Venture Exchange (the “Exchange”) for the assignment and purchase agreement (the “Agreement”) to purchase 80% of the issued and outstanding shares (the “Shares”) of Saksrithai Development Co. Ltd. (“Saksrithai”), a Thailand company which holds two special prospecting licenses (“SPLs”) for the exploration of potash. Pursuant to the Agreement the Company is acquiring the rights of Red Branch Investments Ltd. (“Red Branch”) to acquire the Shares pursuant to a share purchase agreement among the holders of the Shares of Saksrithai (the “Saksrithai Shareholders”), Saksrithai and Red Branch. Full details of the Agreement are found in the Company’s June 7, 2016 news release.
The Company will pay THB 8,000,000 (8,000,000 Thai Baht, the currency of Thailand, which equates to approximately US$220,000) to the Saksrithai Shareholders. As consideration for the Agreement, the Company will issue 5.2 million shares to Red Branch plus a 1% NSR on the property comprising the SPLs. The 1% NSR can be purchased by the Company at any time for US$1 million.
The Company also announces that it has received approval to close the first tranche of its financing previously announced September 27, 2016. The Company will be issuing 7,091,157 common shares and 7,091,157 common share purchase warrants, each warrant being exercisable for an additional common share of the Company at a price of $0.15 for 24 months, for aggregate proceeds to the Company of $531,836.78. Shares and warrants issued from the financing will be subject to a 4-month statutory hold.
A finder’s fees of $502.50 cash plus 60,000 finder’s warrants exercisable at $0.15 per share for 24 months is payable to Leede Jones Gable and 6,700 finder’s warrants having the same terms is payable to Canaccord Genuity. Corp.
ABOUT VATIC VENTURES CORP.
Vatic Ventures Corp (www.vaticventures.com) is a junior exploration company and continues to assess new opportunities and prospects.
ON BEHALF OF THE BOARD
"Nasim Tyab"
Nasim Tyab, Chairman and CEO
Vatic Ventures Corp.
NEITHER THE NEX BOARD OF 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 OR ACCURACY OF THIS RELEASE.