December 05, 2008 14:14 ET
Liard Resources Ltd.: Proposed Acquisition Announced
CALGARY, ALBERTA--(Marketwire - Dec. 5, 2008) - Jan Alston, President of Liard Resources Ltd. (the "Company") announces that the Company has entered into an arms-length letter of intent with Silver Royal Apex, Inc., ("Silver Royal") of Wallace, Idaho to acquire its 50% interest in the Silver Valley Two Mile Joint Venture, located in Shoshone County, Idaho. The other 50% interest is held by Azteca Gold Corp., of Spokane, Washington, who is the operator of the property and who has just recently completed a drill program on one of several potential sulfide targets. The Two Mile properties are comprised of approximately 710 unpatented and 3 patented claims.
Liard has agreed to pay $125,000 and to issue 23,000,000 treasury shares at a deemed value of $1,150,000 to the shareholders of Silver Royal. This transaction is subject to a number of conditions, including the revocation of current cease trade orders issued in respect to the Company's securities, due diligence, the completion of a concurrent financing of $1,500,000, and shareholder approval. The name of the Company will, subject to shareholder approval, be changed to Royal Apex Ventures Inc.
It is anticipated that Jan Alston and Bruce Murray will remain on the board of the Company after completion of the transaction, and that management of the Company will be assumed by representatives of Silver Royal, with Justin Rice becoming Chairman of the Board and Mark C. Russell, of Spokane, Washington, taking the position of President and CEO.
WARNING: the Company relies upon litigation protection for "forward looking" statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary material include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.