Saturday, 09 Jul 2011
Titan Iron Ore Corp announce that effective June 30 2011 we closed the previously announced acquisition agreement dated June 13 2011 between the Company and J2 Mining Ventures Ltd a private Jersey Channel Islands company pursuant to which we have been assigned J2’s interest in an option agreement to purchase an iron ore exploration property in Albany County, Wyoming. The property consists of mineral leases and unpatented mining claims aggregating approximately 683 acres.
The Wyoming Iron Complex is wholly owned by Wyomex LLC a Wyoming limited liability company and as a result of the assignment and closing of the Acquisition Agreement, we have the exclusive right and option to acquire a 100% undivided legal and beneficial interest in the property by paying overtime a total purchase price of USD 7,000,000 to Wyomex. The purchase price consists of an initial payment of USD 85,000 and a 4.5% gross metal value royalty payable prior to production as a minimum advance of USD 62,500 every 6 months and upon commercial production from the property, a minimum of USD 150,000 per year. Once the full USD 7,000,000 has been paid to Wyomex the GMV royalty reduces to 1.5% on metals production.
A significant amount of work has been completed historically on the property including 117 drill holes totalling over 85,000 feet, metallurgical work a pilot plant test study a resource estimate and a pre-feasibility study all of which is not compliant with SEC Guide 7 or Canadian NI 43-101. The work done is historical and while informative, the Company intends to invest in exploration over the next year.
In connection with the Closing and as described in greater detail in the Company’s Current Report on Form 8-K filed today on EDGAR:
I). We completed a merger with our subsidiary, Titan Iron Ore Corp effective June 15 2011 to change our name from Digital Yearbook Inc to our current name
II). we completed a private placement unit offering on June 20 2011 for gross proceeds of USD 1,050,000;
III). We entered into an employment agreement with Mr Andrew Brodkey dated June 30 2011 and appointed Mr Brodkey as President and Chief Executive Officer of the Company
IV). We entered into consulting agreements dated June 30 2011 with Kriyah Consultants, LLC, Sage Associates Inc and J2 whereby among other things, Mr Frank Garcia was appointed as Chief Financial Officer, Dr David Hackman was appointed as the Company Vice President Exploration and Mr Jodi Henderson was appointed as the Company Corporate Secretary
V). Our affiliate shareholders transferred a total of 18,000,000 shares the Company to J2 and other persons as nominated by J2 pursuant to an affiliate stock purchase agreement dated June 30 2011
VI). We accepted the resignation of Mr Ed Mulhern as an officer effective June 30, 2011, and his resignation as a director to be effective 10 days after we have mailed a Schedule 14F to our shareholders and filed the Information Statement on EDGAR. We also appointed Mr Andrew Brodkey as a Director of the Company effective June 30 2011 and Dr Ronald J Richman as a Director of the Company, to be effective on the Effective Date
VII). We moved our administrative headquarters to Tucson, Arizona.
Mr Andrew Brodkey President of Titan stated that “The closing of the J2 Mining transaction is a historic milestone for our company. We believe that the Wyoming Iron Complex provides good potential for the Company and we intend to explore that potential soon.”