Offer to Purchase Select Sands’ Ownership Position in Comstock Metals Withdrawn
13 Septembre 2017 - 2:31AM
Select Sands Corp. (“Select Sands” or the “Company”) (TSX-V:SNS)
(OTC:SLSDF) today announced that the offer from SJ Strategic
Investments, LLC, Gracetree Investments, LLC, Gregory Asset
Partners, LLC and the Gregory Irrevocable Equalizing Trust
(together referred to as the “Syndicate”) to purchase the
20,000,000 common shares of Comstock Metals Ltd (TSX-V:CSL)
("Comstock") held by the Company has been withdrawn.
The Company has been advised that the decision
of the Syndicate to exercise its option to withdraw its offer to
purchase the Comstock shares was made in light of the regulatory
requirements, time and expense that were to be imposed in order to
obtain the additional board representation that the Syndicate
sought in connection with the proposed transaction. The decision
not to proceed with the proposed transaction was not, however, made
as a result of any due diligence matters uncovered. The Syndicate
remains a significant shareholder of Comstock, and the Syndicate
has confirmed that its overall view of its current investment, and
support for, Comstock remains unchanged.
About Select Sands Corp.
Select Sands Corp. is an industrial Silica
Product company developing its 100% owned, 520-acre Northern White,
Tier-1, silica sands project located in Arkansas, U.S.A. Select
Sands’ Arkansas property has a logistical advantage of being
significantly closer to oil and gas markets located in Oklahoma,
Texas, New Mexico, Colorado and Louisiana than Wisconsin sources.
The Tier-1 reference above is a classification of frac sand
developed by PropTester, Inc., an independent laboratory
specializing in the research and testing of products utilized in
hydraulic fracturing & cement operations, following ISO
13503-2:2006/API RP19C:2008 standards.
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.
Contact
Please visit www.selectsandscorp.com or call:
Zigurds Vitols President & CEO Phone: (604) 639‐4533
Comstock Metals (TSXV:CSL)
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