Noram Provides Corporate Update
Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (TSX-V: NRM) (“Noram” or the “Company”) is pleased to provide the following corporate update:
Status of New Business Initiative:
The Company continues to consider new business opportunities that offer the potential of near term cash flow to create shareholder value.
As previously disclosed in the news release of April 11, 2014, this initiative includes an ongoing investigation of opportunities in the regulated marijuana industry. This has consisted of a review of business plans, discussions and site visits with various parties in both Canada and the United States that have either applied for commercial licenses to legally produce marijuana or are licensed and legally producing marijuana products. The Company has not entered into any marijuana related agreements to date. Should the Company enter into an agreement that would result in a Change of Business transaction, full details will be disclosed in accordance with TSX Venture Exchange policies.
Update on Mineral Exploration Properties:
Jumbo Flake Graphite Property:
Further to the news release of August 23, 2012, the Company and Bruce and Grant Doyle (the "Optionors") have agreed to amend the terms of the option agreement, whereby the outstanding balance of cash and common share option payments to acquire the original property have been revised as follows:
- $50,000 cash and 275,000 shares that were due February 28, 2014 have be revised to payments of $20,000 cash and 275,000 on or before June 15, 2014 and $30,000 cash on or before February 28, 2015;
- $75,000 cash and 275,000 shares due August 29, 2014 have been revised to payments of 275,000 shares on or before August 25, 2014 and a final payment of $75,000 cash on or before February 28, 2016.
The Company has also staked additional claims covering 4,509.28 hectares contiguous with the eastern and northern claim boundaries of the original 10,435.44 hectare property (see claim map). The additional claims were staked to cover exposures of well bedded graphitic schistose sediment and projected extensions of a large airborne EM anomaly (see map showing strong EM conductors, etc.) previously reported.
The Jumbo property now covers an area of approximately 149.5 square kilometers located in the Slocan Mining Division ~15 kilometers (km) southwest of the town of Nakusp, British Columbia on the west side of Upper Arrow Lake.
Silver Hill Molybdenum-Lead Property:
The Company and the Optionors have also agreed to amend the terms of the option agreement dated November 22, 2010, whereby the final option payment of $35,000 cash due on or before July 29, 2014 has been deferred to on or before July 29, 2015.
The Silver Hill property covers an area of 2,784 hectares and is located in the Revelstoke Mining Division, ~45 km southeast of the city of Revelstoke, British Columbia.
Amazing Grace Gold Property:
Further to the news release of May 22, 2013 and the Letter of Intent signed with Bruce Doyle, the Company is not proceeding with the option agreement to acquire the Amazing Grace property.
Further to the news release of May 15, 2014, the TSX Venture Exchange has consented to the extension in the expiry date of 3,000,000 warrants from the original expiry date of May 29, 2014 to the new expiry date of May 29, 2015. The warrants are exercisable at $0.20.
About Noram Ventures Inc.:
Noram Ventures Inc. (TSX-V: NRM) is a Canadian based company with a project generator business model. Although the Company’s primary business focus since formation has been the exploration of mineral properties it is now seeking new business opportunities that offer the potential for near term cash flow to create shareholder value.
For further information, please visit www.noramventures.com.
Business development and corporate communications contact:
Direct: (604) 839-6946,
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “David W. Rees”
President & Director
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding exploration work on the properties. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company’s property interests, (5) the risk that the Company does not execute its business plan, (6) inability to finance operations and growth, and (7) other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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Source: Noram Ventures Inc. (TSX Venture:NRM)
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