MONTREAL, Nov. 14, 2011 /PRNewswire/ - Toron Inc. (OTCBB: TRON)- (The Company) is pleased to announce that on August 23, 2011 it entered into a property acquisition agreement (the "Acquisition Agreement") with Stephan Leblanc and Glenn Griesbach (collectively, the "Vendor"), whereby the Company has agreed to acquire an undivided one hundred percent (100%) interest in and to an aggregate of 62 mineral claims (Blocks 1,2 and 3) located in the Province of Quebec, Canada (the "Tiblemont Claims"). The entire area known as the Tiblemont Claims is subdivided into four Blocks and 102 total claims. The Company has not entered into any agreements for Block 4.
Pursuant to the Acquisition Agreement, the Company has agreed to pay to the Vendor, in consideration of an undivided 100% interest in and to the Tiblemont Claims, an aggregate of 2,000,000 post-split common shares of its common stock at $0.10 per share and $100,000 in cash consideration to paid in four (4) instalments as follows:
|i.||Deposit: a non-refundable deposit of $5,000 to paid to the Vendor upon signing of the Acquisition Agreement (already paid);|
|ii.||Stage 1: in consideration of the 22 claims constituting "Block 1" we shall pay 700,000 shares of our common stock and $35,000 cash consideration on or before September 30, 2011 (already paid and issued);|
|iii.||Stage 2: in consideration of the 20 claims constituting "Block 2" we shall pay 700,000 shares of our common stock and $35,000 cash consideration within 45 days following the completion of Stage 1;|
|iv.||Stage 3: in consideration of the 20 claims constituting "Block 3" we shall issue 600,000 shares of our common stock and $25,000 in cash consideration within 45 days following the completion of Stage 2.|
The Tiblemont Claims shall be subject to a 2% net smelter royalty payable to the Vendor of which 1% may be purchased back from the Vendor in consideration of $500,000.
CEO Michael Whitehead recently stated, "One of Toron's primary concerns is to find land in Abitibi Greenstone Belt region of Quebec, which is widely known for its gold and other mineral deposits. We know that much of this territory has been overlooked in the past or has not been scouted properly using modern tools and techniques. Therefore, we are excited about our Agreement to acquire the Tiblemont Claims which creates a golden opportunity for our company going forward."
Toron Inc. (www.toroninc.com) prides itself on being a new mineral exploration company focusing its attention on projects involving gold and other valuable metals. Based in Quebec, one of Canada's richest mining provinces, Toron Inc., a Nevada company incorporated a wholly owned subsidiary, Toron Resources Inc., for the sole purpose of exploring mining projects in Canada, and specifically, in Quebec and Ontario.
Safe Harbor Statement
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, but are not limited to, statements with respect to the closing of the various stages of the Acquisition Agreement for the Tiblemont Claim as well as the potential results of exploration on such claims. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the timing and success of future exploration development and production activities. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of its mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: lack of operating history, transitioning from a development company to an operating company, difficulties in distinguishing Toron Inc. resources and ability to mine Toron Inc. resources, market acceptance of our products and services; operational difficulties relating to combining acquired companies and businesses; our ability to form and maintain mutually beneficial relationships with customers and strategic partners; changes in economic, political or regulatory conditions or other trends affecting the mining sectors, and our ability to attract and retain qualified personnel. Further information about these matters can be found in our Securities and Exchange Commission filings. We expressly disclaim any intent or obligation to update these forward-looking statements.
Holybank Communications Ltd.
SOURCE Toron Inc.