25.11.2004: Meldung: Solar to Acquire Peruvian Mineral Interests
Solar intends to acquire two separately classified blocks of mineral claims known as the Tambogrande Property and the Lacones Property in addition to the assignment of an option agreement to acquire up to seven concessions known as the Papayo Joint Venture ("Peru Properties"). The sale of assets is to include all existing claims, mineral exploration rights, exploration results, consulting work and reports concluded by Manhattan in connection with the Peru Properties. Solar is aware that Manhattan"s interest in the Tambogrande Property and the Papayo Joint Venture are in dispute.
Under the Agreement Solar must pay Manhattan an aggregate of $600,000 by the closing date and assume any and all obligations or liabilities pertaining to the Peru Properties including $2,367,000 in convertible promissory notes. Manhattan is to retain a 2% net smelter royalty while Solar will have the right to extinguish the net smelter royalty for an aggregate amount of $2,000,000 in cash or Solar shares.
The Agreement remains subject to certain conditions precedent to closing. The precedents include Solar"s satisfaction with documentation related to the Peruvian Properties, obtaining consents from Peruvian authorities to any transfer of title, the approval of the Toronto Stock Exchange to the transaction, and releases from the holders of the promissory note obligations to be assumed by Solar.
The closing date for the Agreement will be determined to be coincident to the removal, satisfaction or waiver of the subject clauses.
The Agreement to acquire the Peru Properties is an initial step away from Solar"s traditional focus on developing environmentally friendly yet commercially viable sources of renewable energy towards a broad based approach that will include varied investments over time.
The appointments of two new directors, Pantelis Tsaparas, P. Eng., a geologist with considerable experience in managing mining exploration companies and Andrew Wallace, a developer of RV parks throughout North America, are indicative of this broadened scope of business operations.
Solar has traditionally been a research and development company focused on producing renewable energy and low cost potable water. Due to financing constraints, all ongoing research and development efforts in this area have been suspended. Solar"s current focus is to identify, acquire or option a broad range of business operations or opportunities that may prove beneficial to Solar"s shareholders in the near term.
Solar is a public company; its common shares trade on the OTCBB under the ticker symbol "SLRE".
A number of statements contained in this press release may be considered to be forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results Solar may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Solar encourages the public to read the information provided here in conjunction with its most recent filings on Form 10KSB and Form 10QSB. Solar"s public filings may be viewed at www.sec.gov.
For Solar Energy Limited
Pantelis Tsaparas, P. Eng., 604-669-4771
Source: Solar Energy Limited