12 Exploration Terminates Option on Deepwater Property
TORONTO, Sept. 27, 2019 (GLOBE NEWSWIRE) — 12 Exploration Inc. (CSE:TWLV) (the “Company”) announces that it has determined not to fulfill the balance of its requirement to expend an aggregate of $300,000 in order to earn an initial 50% interest in the Deepwater Project situated in Afton and Scholes Townships, Ontario (the “Property”).
The Company was previously granted the option (the “Option”) to earn up to an 80% interest in the Property (subject to a 2% net smelter return, back-in right and a right of first refusal with respect to a lease comprising, in part, the Property). As a result of the Company’s decision not to fulfill the balance of the Expenditure Requirement, the Option will terminate and all interest in the Property will revert to the optionor.The Company intends to continue its efforts to identify alternative opportunities in an effort to enhance shareholder value.For further information, please contact:Mr. Eric Klein
Chief Executive Officer
Forward Looking InformationThis news release contains statements about future opportunities which may be available to the Company and the prospectivity of such opportunities, which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as risks associated with the identification and acquisition of future assets upon terms acceptable to the Company or at all. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the availability of alternative opportunities, the accretive nature of any future acquisitions, results from exploration activities and future determinations as plans are refined. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.