Vior Receives a $1.5 Million Payment From Aurvista Gold Corporation
May 26 2011 - 7:41AM
Marketwired
SOCIETE D'EXPLORATION MINIERE VIOR INC. (TSX VENTURE:
VIO)(FRANKFURT: VL5) - Societe d'exploration miniere Vior Inc.
("Vior") announces that it received from its partner on the Douay
property (the "Property"), Aurvista Gold Corporation ("Aurvista"),
the $1.5 million payment contemplated by the agreement dated March
7, 2011, as amended on March 23, 2011 (the "Agreement").
Consequently, considering that Aurvista has also incurred on the
Property exploration expenditures totalling $2.5 million, Aurvista
has therefore acquired an undivided 50% interest in the Property
(see press release dated February 4, 2011 for more details on the
transaction between Vior and Aurvista).
Furthermore, Aurvista may now acquire an additional 50% interest
in the Property, thereby acquiring the Property from Vior, on the
following conditions:
-- Aurvista must issue a minimum of 21.25 million common shares to Vior.
-- Aurvista shall have completed an initial public offering and a listing
on the stock exchange before November 30, 2011.
In light of the foregoing, Vior confirms that its shareholders
will be called to attend a special meeting of shareholders on July
8, 2011 in Quebec City in order to approve the transaction with
Aurvista. The shareholders of Vior will receive during the month of
June a management proxy circular containing detailed information on
the transaction and the special resolution of shareholders to
approve such transaction.
Profile
Vior is a mining exploration company focused on developing its
properties. The company owns 50% of the Douay gold project and
other mineral properties.
SEDAR: Societe d'exploration miniere Vior inc.
Neither the 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.
Contacts: Claude St-Jacques President 418 692-2678
cstjacques@vior.ca Marc L'Heureux Vice-President Exploration 418
692-2678 mlheureux@vior.ca www.vior.ca
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