Sheltered Oak Resources Corp. - Acceleration of purchase price payment for the Kerrs Gold Property
04 Août 2010 - 4:08PM
PR Newswire (Canada)
OAKVILLE, ON, Aug. 4 /CNW/ -- Trading Symbol: TSX-V OAK OAKVILLE,
ON, Aug. 4 /CNW/ - Sheltered Oak Resources Corp. ("OAK"), announced
today that in connection with the previously announced acquisition
by OAK, through its wholly-owned subsidiary Sheltered Oak Resources
Inc., of a 100% interest in Sage Gold Inc.'s ("Sage") unpatented
claims and leasehold interests in the Larder Lake Mining District
in Kerrs Township in the Abitibi Greenstone Belt of Ontario (the
"Kerrs Gold Property"), OAK and Sage have agreed to accelerate the
payment of the cash portion of the purchase price in consideration
for a reduction of the cash portion of the purchase price from
$500,000 to $400,000. OAK also announced today that the board of
directors has appointed J.J. Elkin, the current President of OAK,
as President and Chief Executive Officer of OAK to replace Robert
K. Hanson who has stepped down from the position of Chief Executive
Officer for health reasons. Mr. Hanson will remain as a director of
OAK. Neither 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. Sheltered Oak Resources Corp., Art
Hampson, Chief Financial Officer, Phone: 647-225-3102, Fax:
905-847-9575, Email: ahampson@shelteredoak.com
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