Bedford, Nova Scotia – October 1, 2010 – Empire Capital Corp (the “Company”) is pleased to announce that the qualifying transaction (“QT”) previously announced has been conditionally approved by the TSX Venture Exchange. The Company’s QT is expected to close on or after October 7, 2010 and the transaction is fully described in the Company’s filing statement which has now been posted and is available for review at www.SEDAR.com.
The Company has an option to acquire a 100% undivided interest in the Otter mineral property (the “Property”), located in the Similkameen Mining Division of British Columbia, Canada from Eastland Management Ltd., an arm’s-length private company. At closing, Company will pay $15,000 and issue 150,000 common shares to Eastland Management Ltd. The shares issued will be subject to a 4-month hold period from the date of issuance.
At closing, Mr. Norman Eyolfson will resign as the President, Chief Executive Officer and Chief Financial Officer; however, he will remain a director. Mr. Terry Christopher, a current director, will be appointed President and Chief Executive Officer and Ms. Megan Spidle will be appointed as the Chief Financial Officer and Secretary.
The Company’s Audit Committee will consist of Terry Christopher, Norman Eyolfson and Marshall Farris.
On behalf of the board
“Norman Eyolfson”
CEO
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Empire Capital Corp. which may cause actual results, performance or achievements to be materially different from the results, performance or expectation implied by these forward looking statements. Such uncertainties include the completion of the acquisition of the Otter Property and the ability of Empire Capital Corp. to finance its participation and earn a
resulting interest in the Otter Property.
Neither 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 press release, which has been prepared by management.
A mineral exploration company with an attractive capital structure and solid management.
Zonte is focusing on three Canadian projects; one copper and two gold projects. Drilling on the copper and one gold project has identified two discoveries.
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