Post by Franko10 ™ on Jan 24, 2005 13:15:06 GMT -5
Anglo Minerals Ltd.- Correction to the Payment Installment Dates on the January 21, 2005 News Release (ccnm) CALGARY, ALBERTA--(CCNMatthews - Jan. 24, 2005) - Anglo Minerals Ltd. (TSX VENTURE:ALM) is pleased to announce that Synenco Energy Inc. has exercised an option to acquire one fifth of Anglo's interest in 1 oil sands lease and 4 coal lease applications covering lands located near Fort McMurray, Alberta. Anglo received a cash payment of $975,000 from Synenco in exchange for 1% of Anglo's 5% carried interest in the oil sands lease and 9.8% of its 49% interest in the coal lease applications. Synenco has the right, but not the obligation, to acquire the balance of Anglo's aforementioned interests for an aggregate of $4 million, payable in 4 equal installments of $1 million each on April 15, July 15 and November 15, 2005 and February 15, 2006. There can be no assurances that Synenco will exercise all or any portion of its remaining option.
With 16,326,832 common shares currently issued and outstanding, the $975,000 payment represents a cash injection of $0.0597 per share on a non-diluted basis.
Management of Anglo is evaluating business opportunities in the natural resources sector.
FOR FURTHER INFORMATION PLEASE CONTACT:
Anglo Minerals Ltd. Todd Montgomery President (403) 510-5565 The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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