Replies to post #10158 on Sarissa Resources Inc (SRSR)

[fazoolius]

Very true. I can't find anything relating Botanic to an exploration company other than the PR today. Guess we will get a little more info once Botanic goes public.

-faz

[ben392]

"Anyway, this way they financed the exploration of this property with no dilution and are getting paid for it :)"

Excellent point, cmzio! Good, creative financing by the management!

[ben392]

It is great that SRSR is also diversifying! Things are moving full steam ahead! Go SRSR!

[jim6103]

cmzio..."if that's them they were probably taken over or transitioned into an exploration company, hence the "Additionally, because Botanic is currently pursuing a public listing venue for its shares..."

I don't think that Botanic needs to be an exploration companmy the way the deal is set up. Major kudos to Scott Keevil for putting this deal together. Read the part below from the PR....

Under the terms of the Agreement, BOII has the option to acquire a 50% working interest in the project in exchange for a non-dilutive 5% of the outstanding shares of BOII common stock and an "earn-in" commitment to spend $250,000 to explore the property over the next 24 months, and a $25,000 cash payment to Sarissa. Sarissa will act as property operator with respect to any monies spent to explore the property under the terms of the option agreement and BOII will be required to reimburse Sarissa for any and all costs incurred, such as administration fees and property and claim maintenance, above and beyond the $250,000 capital commitment by BOII. Exploration expenditures, including the applicable administration fee associated with general property and claim maintenance, will be for a minimum of $5,000 for the first four months.

From the 2007 PR found by Fazoolius - good going....

"Sarissa Resources, Inc., formerly Michigan Gold Mining Investments, Inc. (Pink Sheets:MGGV), is pleased to announce that the Company has purchased five percent of Botanic Oasis, Inc. for $40,000 and 5 million shares. Botanic Oasis distributes Botanic Pax, a biodegradable product used to increase crop yield, decrease drought losses, and reduce labor and mechanical costs in agriculture."

Now from todays pr.....

"Under the terms of the Agreement, BOII has the option to acquire a 50% working interest in the project in exchange for a non-dilutive 5% of the outstanding shares of BOII common stock and an "earn-in" commitment to spend $250,000 to explore the property over the next 24 months"

I'll bet that 5% of the shares of non-dilutive stock is either in addition to the 5% of a year ago or we will be getting back the $40,000 and 5,000,000 shares we paid Botanic last year for the 5% of their stock.

All in all, one heck of a good deal as it gets us a free way to get the intial drilling on the property done at NO DILUTION TO THE STOCKHOLDERS !!! Since we will be doing the field management of the property, it doesn't make a bit of difference what kind of company is fronting this. Just a good investment for Botanics.....Jim