Dravco Mining Inc. announces entering into a Letter of Intent with Solauro Industries Inc.
VANCOUVER, July 29, 2010 /PRNewswire via COMTEX/ -- Dravco Mining Inc. (the "Company" or "Dravco") (OTCBB: DVCO) enters into Letter of Intent with Solauro Industries Inc. ("Solauro").
On July 28, 2010, Dravco entered into a Letter of Intent ("LOI") with Solauro Industries Inc. whereby the Company will acquire from Solauro three exploration projects located in British Columbia and Newfoundland and six tailing reclamation projects located in Nevada under the following terms and conditions:
1. The Company completing a 2.5 times forward split of its capital
stock;
2. The Company completing a private placement of not less than
$1,500,000 nor more than $2,000,000 at a price not less than
$0.25 per share;
3. Solauro completing a bridge financing of not less than $250,000 nor
more than $500,000 at a price being a 20% discount to the shares
being offered in the private placement. The amount of funding
required to be completed prior to the closing of the acquisition will
be not less than $2,000,000 in any combination of the private
placement and the bridge financings.
4. The Company's current President, CEO and Director will resign and
will tender his current holdings of 25,000,000 post-split shares of
common stock for cancellation and will appoint Dion Tulk, Solauro's
current President and CEO as the Company's new president, CEO and
Director.
5. The issuance of 20,000,000 post-split restricted shares of common
stock to the holders of the mining properties as further described in
the LOI.
The Letter of Intent will expire on October 31, 2010 unless otherwise mutually agreed to in writing by the parties.
About Solauro Industries Inc.
Solauro Industries Inc. (Solauro), is a privately held environmentally friendly "green" focused mining company that explores, acquires and develops mining properties throughout North America. Solauro's business model focuses on the acquisition and development of lucrative ore tailings reclamation projects as well as early and advanced staged exploration projects. Solauro will put emphasis on green mining practices wherever possible such as lined ponds, non-toxic chemical separation, recycled water systems, resource efficiency, and limited waste to minimize environmental damage.
There are no assurances that all the above conditions can be satisfied or that all subjects will be removed such that the transaction as contemplated can be completed and closed.
On behalf of the Board of Directors,
Dravco Mining Inc.
Rodney Lozinski, President
Disclaimer: This Press Release may contain, in addition to historical information, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified by their use of terms and phrases such as "believe," "expect," "plan," "anticipate" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Dravco Mining's expectations, and Dravco Mining expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, the ability to further develop mineral exploration properties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements.
SOURCE Dravco Mining Inc.
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KEYWORD: British Columbia
INDUSTRY KEYWORD: MNG
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