Terra Firma Resources Inc. (NYSE:TFR) announced it has entered into an MOU with Pt. Mutiara Surya Mallawa and TirtaWinata – Dominion Lending Centres Clearlease
VANCOUVER, BRITISH COLUMBIA – (April 20, 2011) Clearlease.com Reports Terra Firma Resources Inc. (NYSE:TFR) announced Tuesday April 19, 2011 that the Company, through its wholly owned Indonesian subsidiary, PT. Terra Mineral Resources Indonesia, has entered into an memorandum of understanding (“MOU”) with Pt. Mutiara Surya Mallawa (“Mutiara”) and TirtaWinata (“Tirta”), under which the Company has the option to acquire 75% of the issued and outstanding shares of Mutiara. Mutiara is an Indonesian mineral exploration company that holds a mineral exploration license in respect of an initial 800 hectare property in South Sulawesi, Indonesia (the “Mallawa Property”) which is prospective for Gold and Copper. In addition, Mutiara is expected to acquire an additional 10,000 hectares of prospective lands (the “Additional Properties”) located within the 25 kilometre radius “area of interest” defined in the MOU.
In exchange for Mutiara and Tirta entering into the MOU, Terra Firma is required to pay an aggregate of US$100,000 to the shareholders of Mutiara, US$25,000 of which was paid on execution of the MOU and US$75,000 of which is payable within 60 days following the later of the date on which the MOU is approved by the TSX Venture Exchange and a NI43-101 report on the Mallawa Property is completed. The MOU contemplates that, following approval of the MOU by the TSX Venture Exchange, the parties will enter into an option agreement (the “Option Agreement”) granting Terra Firma an option to acquire 75% of the issued and outstanding shares of Mutiara. Terra Firma is required to pay an additional US$100,000 and issue 100,000 common shares to Mutiara’s shareholders on execution of the Option Agreement.
Under the Option Agreement, to successfully exercise the option to acquire 75% of the outstanding shares of Mutiara, Terra Firma will be required to: (1) pay an additional US$200,000 to Mutiara’s shareholders within 18 months of the approval of the MOU by the TSX Venture Exchange; (2) issue a further 200,000 common shares to Mutiara’s shareholders on the later of the date on which Terra Firma exercises the option and the date which is 120 days following execution of the Option Agreement; (3) issue a further 200,000 common shares to Mutiara’s shareholders on thelater of the date on which Terra Firma exercises the option and the date which is 18 months following execution of the Option Agreement; and (4) fund US$1.75 million in exploration expenditures on the Mallawa Property and the Additional Properties, including at least US$250,000 in expenditures in the first year of the Option Agreement.
As part of the transaction, Terra Firma will pay a finder’s fee of US$32,000 and 40,000 common shares, representing 8% of the cash payable and shares issuable by Terra Firma under the MOU and Option Agreement.
The entering into of the MOU and the Option Agreement and the payments of cash (other than the initial US$25,000 payment) and issuances of shares thereunder are subject to the approval of the TSX Venture Exchange. All shares issuable under the transaction will be subject to a four month hold period.
Brian Buchanan, CEO of Terra Firma said, “We are excited to start our NI43-101 exploration program on this prospective Gold and Copper property acquisition, because of its geological potential and its proximity to good infrastructure. This property fits well into our plan to develop a balanced portfolio of properties through a combination of grassroots prospecting, property acquisitions and the formation of strategic relationships in Java, Sumatra and Sulawesi Indonesia.”
Terra Firma also announces that it has provided notice to the company that optioned the Restigouche Property in Quebec to Terra Firma, that Terra Firma has decided to withdraw from its property option agreement respecting the property and give up its interest in the property. Pursuant to the terms of the property option agreement, the claims comprising the Restigouche Property will revert to the optionee.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
VANCOUVER, BRITISH COLUMBIA – (April 20, 2011) Clearlease.com Reports Terra Firma Resources Inc. (NYSE:TFR) announced Tuesday April 19, 2011 that the Company, through its wholly owned Indonesian subsidiary, PT. Terra Mineral Resources Indonesia, has entered into an memorandum of understanding (“MOU”) with Pt. Mutiara Surya Mallawa (“Mutiara”) and TirtaWinata (“Tirta”), under which the Company has the option to acquire 75% of the issued and outstanding shares of Mutiara. Mutiara is an Indonesian mineral exploration company that holds a mineral exploration license in respect of an initial 800 hectare property in South Sulawesi, Indonesia (the “Mallawa Property”) which is prospective for Gold and Copper. In addition, Mutiara is expected to acquire an additional 10,000 hectares of prospective lands (the “Additional Properties”) located within the 25 kilometre radius “area of interest” defined in the MOU.
In exchange for Mutiara and Tirta entering into the MOU, Terra Firma is required to pay an aggregate of US$100,000 to the shareholders of Mutiara, US$25,000 of which was paid on execution of the MOU and US$75,000 of which is payable within 60 days following the later of the date on which the MOU is approved by the TSX Venture Exchange and a NI43-101 report on the Mallawa Property is completed. The MOU contemplates that, following approval of the MOU by the TSX Venture Exchange, the parties will enter into an option agreement (the “Option Agreement”) granting Terra Firma an option to acquire 75% of the issued and outstanding shares of Mutiara. Terra Firma is required to pay an additional US$100,000 and issue 100,000 common shares to Mutiara’s shareholders on execution of the Option Agreement.
Under the Option Agreement, to successfully exercise the option to acquire 75% of the outstanding shares of Mutiara, Terra Firma will be required to: (1) pay an additional US$200,000 to Mutiara’s shareholders within 18 months of the approval of the MOU by the TSX Venture Exchange; (2) issue a further 200,000 common shares to Mutiara’s shareholders on the later of the date on which Terra Firma exercises the option and the date which is 120 days following execution of the Option Agreement; (3) issue a further 200,000 common shares to Mutiara’s shareholders on thelater of the date on which Terra Firma exercises the option and the date which is 18 months following execution of the Option Agreement; and (4) fund US$1.75 million in exploration expenditures on the Mallawa Property and the Additional Properties, including at least US$250,000 in expenditures in the first year of the Option Agreement.
As part of the transaction, Terra Firma will pay a finder’s fee of US$32,000 and 40,000 common shares, representing 8% of the cash payable and shares issuable by Terra Firma under the MOU and Option Agreement.
The entering into of the MOU and the Option Agreement and the payments of cash (other than the initial US$25,000 payment) and issuances of shares thereunder are subject to the approval of the TSX Venture Exchange. All shares issuable under the transaction will be subject to a four month hold period.
Brian Buchanan, CEO of Terra Firma said, “We are excited to start our NI43-101 exploration program on this prospective Gold and Copper property acquisition, because of its geological potential and its proximity to good infrastructure. This property fits well into our plan to develop a balanced portfolio of properties through a combination of grassroots prospecting, property acquisitions and the formation of strategic relationships in Java, Sumatra and Sulawesi Indonesia.”
Terra Firma also announces that it has provided notice to the company that optioned the Restigouche Property in Quebec to Terra Firma, that Terra Firma has decided to withdraw from its property option agreement respecting the property and give up its interest in the property. Pursuant to the terms of the property option agreement, the claims comprising the Restigouche Property will revert to the optionee.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###Terra Firma Resources Inc. (NYSE:TFR) announced it has entered into an MOU with Pt. Mutiara Surya Mallawa and TirtaWinata – Dominion Lending Centres Clearlease
VANCOUVER, BRITISH COLUMBIA – (April 20, 2011) Clearlease.com Reports Terra Firma Resources Inc. (NYSE:TFR) announced Tuesday April 19, 2011 that the Company, through its wholly owned Indonesian subsidiary, PT. Terra Mineral Resources Indonesia, has entered into an memorandum of understanding (“MOU”) with Pt. Mutiara Surya Mallawa (“Mutiara”) and TirtaWinata (“Tirta”), under which the Company has the option to acquire 75% of the issued and outstanding shares of Mutiara. Mutiara is an Indonesian mineral exploration company that holds a mineral exploration license in respect of an initial 800 hectare property in South Sulawesi, Indonesia (the “Mallawa Property”) which is prospective for Gold and Copper. In addition, Mutiara is expected to acquire an additional 10,000 hectares of prospective lands (the “Additional Properties”) located within the 25 kilometre radius “area of interest” defined in the MOU.
In exchange for Mutiara and Tirta entering into the MOU, Terra Firma is required to pay an aggregate of US$100,000 to the shareholders of Mutiara, US$25,000 of which was paid on execution of the MOU and US$75,000 of which is payable within 60 days following the later of the date on which the MOU is approved by the TSX Venture Exchange and a NI43-101 report on the Mallawa Property is completed. The MOU contemplates that, following approval of the MOU by the TSX Venture Exchange, the parties will enter into an option agreement (the “Option Agreement”) granting Terra Firma an option to acquire 75% of the issued and outstanding shares of Mutiara. Terra Firma is required to pay an additional US$100,000 and issue 100,000 common shares to Mutiara’s shareholders on execution of the Option Agreement.
Under the Option Agreement, to successfully exercise the option to acquire 75% of the outstanding shares of Mutiara, Terra Firma will be required to: (1) pay an additional US$200,000 to Mutiara’s shareholders within 18 months of the approval of the MOU by the TSX Venture Exchange; (2) issue a further 200,000 common shares to Mutiara’s shareholders on the later of the date on which Terra Firma exercises the option and the date which is 120 days following execution of the Option Agreement; (3) issue a further 200,000 common shares to Mutiara’s shareholders on thelater of the date on which Terra Firma exercises the option and the date which is 18 months following execution of the Option Agreement; and (4) fund US$1.75 million in exploration expenditures on the Mallawa Property and the Additional Properties, including at least US$250,000 in expenditures in the first year of the Option Agreement.
As part of the transaction, Terra Firma will pay a finder’s fee of US$32,000 and 40,000 common shares, representing 8% of the cash payable and shares issuable by Terra Firma under the MOU and Option Agreement.
The entering into of the MOU and the Option Agreement and the payments of cash (other than the initial US$25,000 payment) and issuances of shares thereunder are subject to the approval of the TSX Venture Exchange. All shares issuable under the transaction will be subject to a four month hold period.
Brian Buchanan, CEO of Terra Firma said, “We are excited to start our NI43-101 exploration program on this prospective Gold and Copper property acquisition, because of its geological potential and its proximity to good infrastructure. This property fits well into our plan to develop a balanced portfolio of properties through a combination of grassroots prospecting, property acquisitions and the formation of strategic relationships in Java, Sumatra and Sulawesi Indonesia.”
Terra Firma also announces that it has provided notice to the company that optioned the Restigouche Property in Quebec to Terra Firma, that Terra Firma has decided to withdraw from its property option agreement respecting the property and give up its interest in the property. Pursuant to the terms of the property option agreement, the claims comprising the Restigouche Property will revert to the optionee.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Headquartered in Downtown Vancouver, British Columbia. We’re expanding in Q2, 2011 to Calgary and Edmonton, Alberta! In Q3, 2011 we are expanding in Toronto, Ontario! Dominion Lending Centres Clearlease services clients from Coast to Coast. Our Residential Group has a team of Licensed Mortgage Brokers offering our clients the best terms and rates available in the current market. Our Commercial Funding/Mortgage Group is active across Canada Funding Mortgages in cities such as Toronto, Edmonton, Calgary, Vancouver and Victoria.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
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