HALIFAX, NOVA SCOTIA--(Marketwire - Sept. 4, 2012) - Colin J. MacDonald, President and CEO of Atlantic Industrial Minerals Incorporated. ("AIM") (TSX VENTURE:ANL.H) announces:
Glencoe and Kewstoke Properties Acquisition Closes
AIM has closed the acquisition of a 50% interest in Glencoe Resources Inc. and a 100% interest in the Kewstoke carbonate property increasing AIM's ownership of these assets to 100% and giving AIM sole control over the Glencoe and Kewstoke limestone deposits.
The consideration for the acquisition was 6,000,000 common shares, 2,000,000 share purchase warrants exercisable at $0.10 per share until August 31, 2013, and $50,000. A production royalty of the greater of $1.50 per tonne or 5% of the gross selling price will be paid on all carbonate product sold. Pursuant to a Modification Agreement the property vendors agreed to defer the $50,000 payment until the earlier of completion of an equity financing of not less than $500,000 or August 31, 2014.
Annual General Meeting
The Annual General Meeting of AIM has been scheduled for November 1, 2012.
On behalf of the Board
President & CEO
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Neither the NEX 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.