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Century Iron Mines Corp Acquiring Champion's Remaining Interest to Complete 100% Ownership of the Attikamagen Project Through Labec Century/WISCO


Wednesday, 2 Oct 2013 04:15pm EDT 

Century Iron Mines Corp announced that it has entered into an agreement to acquire, through a Century wholly-owned subsidiary, from Champion Iron Mines Limited, Champion's remaining interest in the Attikamagen Lake Project. Upon completion of the Transaction, Century, indirectly and directly, together with Labec Century Iron Ore Inc. will own a 100% interest in the Project. Labec Century is a joint venture formed with WISCO Canada Attikamagen Resources Development & Investment Limited to develop the Project and is owned 60% as to Century Iron and 40% as to WISCO Attikamagen. Consideration for the purchase is 2,000,000 common shares issued from Century Iron's treasury and 1,000,000 warrants of Century Iron exercisable as follows: (i) on or before the first anniversary of the Closing Date: $0.75 per share; (ii) after the first anniversary of the Closing Date and on or before the second anniversary of the Closing Date: $1.00 per share; (iii) after the second anniversary of the Closing Date and on or before the third anniversary of the Closing Date: $1.50 per share; (iv) after the third anniversary of the Closing Date and on or before the fourth anniversary of the Closing Date: $2.00 per share; and (v) after the fourth anniversary of the Closing Date and on or before the fifth anniversary of the Closing Date: $2.50 per share. In addition, Champion will receive a 2% net smelter return royalty on iron and minerals produced from the Project. 

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22 Jul 2014