Newstrike recieves $2 million from Goldcorp
Newstrike receives termination fee from Goldcorp unit
Newstrike Capital Inc (C:NES)
Shares Issued 67,012,877
Last Close 3/12/2010 $0.335
Tuesday March 16 2010 – News Release
Mr. Richard Whittall reports
NEWSTRIKE CAPITAL RECEIVES $2 MILLION TERMINATION FEE
Newstrike Capital Inc. has received the $2-million termination fee that was due to it under the terms of its share purchase agreement with Desarrollos Mineros San Luis, S.A. de C.V. (DMSL), a wholly owned subsidiary of Goldcorp Inc.
Under the share purchase agreement with DMSL, Newstrike agreed to acquire DMSL’s 21.2-per-cent interest in the Morelos project in Mexico. DMSL agreed that it would pay a $2-million termination fee if the transaction did not complete because of the exercise, by Gleichen Resources Ltd., of its right of first refusal to acquire DMSL’s interest. As reported in Stockwatch Jan. 21, 2010, Gleichen announced that it had decided to exercise its right of first refusal. The Gleichen/DMSL transaction closed on Feb. 24, 2010.
