VANCOUVER, June 18 /PRNewswire-FirstCall/ - PETRO HORIZON ENERGY CORP. ("the Company") (TSXV.PHE) (PRZCF.OTCBB) (PH0.FRANKFURT) , is pleased to announce that further to a news released announced on February 10, 2010, the TSX Venture Exchange has accepted for filing the Letter of Intent Agreement ("LOI") dated February 5th , 2010 with Champlain Mineral Ventures Ltd ("Champlain"), a private Nova Scotia based corporation. The Company can earn up to a 75% undivided ownership interest in the Brazil Lake Lithium Rare Earth Property ("Property") in Nova Scotia, subject to a 3.0% NSR payable to Silchor Inc.
In consideration of the acquisition, the Company will:
For a 37.5% interest: - pay Champlain $120,000 cash over 2 years; - complete $1,200,000 in exploration over 2years; For an additional 22.5% interest (total 60%); - pay Champlain an additional $80,000 cash over 1 year; - complete $800,000 in exploration over 1year; and For an additional 15% interest (total 75%); - complete a feasibility study.
A finder's fee of 250,000 shares will be paid to 0873762 BC Ltd. (Carl Erickson) with respect to the transaction. Further details are on the transaction are available in the Company's news release dated February 10, 2010.
On Behalf of the board of directors,
"Ron Bourgeois" Ron Bourgeois, President FOLLOW US ON: Facebook (http://www.facebook.com/people/GreenLight-Resources/100000687843563) Twitter (http://twitter.com/PetroHorizon) MySpace (http://www.myspace.com/518719311)
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements relating to future events or future performance and reflecting Petro Horizon's management's expectations or beliefs regarding future events include, but are not limited to, statements with respect to completion of the private placement and related matters. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Petro Horizon to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in Petro Horizon's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although Petro Horizon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.Accordingly, readers should not place undue reliance on forward looking statements.
SOURCE Petro Horizon Energy Corp.