Disposition of Lianlong Property in China
VANCOUVER, CANADA – Tri-River Ventures Inc. (the “Issuer”) (TSX.V Symbol: TVR.V) announces that it has entered into a binding agreement (the “Agreement”) dated March 23, 2016 to sell its wholly owned subsidiary, Red Sun Group Holdings Limited (“Holdco”) to a group of Chinese resident purchasers (collectively, the “Purchasers”). Holdco is the registered and beneficial owner of 95% of the outstanding equity interest in Longbao Mining Co. (“Longbao”) which holds the exploration permit to the Lianlong (the “Lianlong Property”) in the Changtai District of Baiyu County, Sichuan Province, China. In 2008, the Purchasers had sold the Lianlong Property to the Issuer in exchange for the issuance of 6 million Issuer shares (collectively, the “Shares”) which were initially escrowed. The purchase consideration being paid by the Purchasers for the Lianlong Property is the return for cancellation of the Shares.
The proposed disposition constitutes a “Reviewable Disposition” under Exchange Policy 5.3. The Purchasers are arm’s length to the Issuer and shareholder approval of the disposition has been obtained at the Annual General and Special Shareholders Meeting held on September 2015. On closing of the Agreement, it is expected that the Issuer will be moved to the NEX Board of the TSX Venture Exchange.
Tri-River is a Canadian based exploration company focussed on acquisition, exploration and development of mineral resource properties.
For further information, please contact:
Y.B. Ian He (604) 306-5867
This press release contains forward-looking statements based on current expectations. Forward-looking statements entail various risks and uncertainties that could cause actual events or results to differ materially from those reflected in forward-looking statements. Risks and uncertainties about Tri-River’s business are more fully discussed in Tri-River’s disclosure materials under the heading “Risk Factors” and elsewhere in Tri-River’s MD&A, Financial Statements and other periodic filings with Canadian securities regulators and on SEDAR. The Issuer does not assume any obligation to update forward-looking statements except as required under applicable law.