LA PRAIRIE, QUEBEC--(Marketwired - May 4, 2017) - The management of Vanstar Mining Resources Inc. ("Vanstar") (TSX VENTURE:VSR)(FRANKFURT:1V8) announces that it amended the Nelligan NSR buyback agreement previously announced on February 21, 2017.
In the original agreement, Vanstar had to pay the two prospectors a total sum of $75,000 in cash in April 2017. In the modified agreement dated May 1st, the 75,000 $ cash payment obligation was replaced by the issuance of two 37,500 $ convertible debentures. The debentures will pay a 10 % interest per year in cash, paid quarterly and have a term of 36 months. At the end of the term or at the holders wish, the principal amount will be repaid by the issuance of a maximum of 750,000 common shares of Vanstar if the minimum conversion price of $0.10 is applied, or less common shares if the price of the common shares at the date of conversion during year 2 and 3, is higher than $0.10.
A forced conversion can be applied if the common shares trade at an average price greater than $0.20 for a period of twenty consecutive trading days and Vanstar has the option to buyback the debentures in cash prior to its conversion and maturity but a 6 months interest penalty would apply. The debentures are guaranteed by the 2 % NSR attached to the Nelligan claims.
This amended agreement is subject to the approval of the TSX Venture exchange.
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
Guy Morissette CEO 819-763-5096 gmvanstar@gmail.com www.vanstarmining.com
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