Wednesday, 06 Jul 2011
TurkPower Corporation announce the purchase of 50.09% working interest in Maksor Madencilik Sanayi Ve Ticaret Anonim Sirketi, the 100% private owner of the Kuluncak iron ore project in Turkey. The purchase agreement calls for the Company to complete acquisition of 50.09%-interest by December 28, 2011 for a total purchase price of EUR 15,000,000.00 and 73,000,000 shares of the Company.
The purchase price and issuance of Company shares are scheduled with a total of 6 payments including a down payment of EUR 1,000,000.00 which was made in 2010, with final payment and share issuance due December 28 2011. The down payment and second payment which was made upon signing of the purchase agreement on June 30th 2011 secures the Company an irrevocable initial minority stake in Maksor.
Management is looking forward to reporting shortly with more details about the operation of the mine, the characteristics of the iron ore reserves and inferred resources which include a substantial zinc resource, as well as other mining licenses that Maksor holds in Turkey.
Mr Ryan E Hart TurkPower Chairman stated that "This is a great day and milestone for TurkPower and its investors. With the purchase of controlling interest in the operational Kuluncak iron ore mine, TurkPower is taking its first step toward its goal of becoming a leading junior mining company in Turkey. The purchase adds a tangible and operational asset to the Company's balance sheet and leads to expected profitability in 2011. It also gives the Company leverage and credibility for future mining ventures and acquisitions in the booming mining industry of Turkey."
TurkPower Corporation announce the purchase of 50.09% working interest in Maksor Madencilik Sanayi Ve Ticaret Anonim Sirketi, the 100% private owner of the Kuluncak iron ore project in Turkey. The purchase agreement calls for the Company to complete acquisition of 50.09%-interest by December 28, 2011 for a total purchase price of EUR 15,000,000.00 and 73,000,000 shares of the Company.
The purchase price and issuance of Company shares are scheduled with a total of 6 payments including a down payment of EUR 1,000,000.00 which was made in 2010, with final payment and share issuance due December 28 2011. The down payment and second payment which was made upon signing of the purchase agreement on June 30th 2011 secures the Company an irrevocable initial minority stake in Maksor.
Management is looking forward to reporting shortly with more details about the operation of the mine, the characteristics of the iron ore reserves and inferred resources which include a substantial zinc resource, as well as other mining licenses that Maksor holds in Turkey.
Mr Ryan E Hart TurkPower Chairman stated that "This is a great day and milestone for TurkPower and its investors. With the purchase of controlling interest in the operational Kuluncak iron ore mine, TurkPower is taking its first step toward its goal of becoming a leading junior mining company in Turkey. The purchase adds a tangible and operational asset to the Company's balance sheet and leads to expected profitability in 2011. It also gives the Company leverage and credibility for future mining ventures and acquisitions in the booming mining industry of Turkey."
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