Columbus Copper Corporation ("Columbus Copper") announces that it has entered into an agreement (the "Agreement") pursuant to which it will acquire the rights to pending onshore hydrocarbon licence Block 8 (the "Licence") in Albania through the acquisition of BVI-incorporated Dinaric International Energy Corporation and its Albanian subsidiary, Albanides Energy Sh.p.k.
Albania is a significant onshore oil producer in Europe and Block 8 is one of the largest exploration licences in that country. Following is a link indicating the location of Block 8:
Under the Agreement, the shares of Dinaric will be transferred to Columbus Copper or its designated affiliate as soon as practicable. Upon formal granting of the Licence to Albanides, Columbus Copper will pay to the majority shareholder of Dinaric ("Antares") $90,000 and will issue to the shareholders of Dinaric (the "Vendors") and to shareholders of Antares a total of 9,300,000 of its common shares such that no individual or entity will receive more than 9.9% of the post-transaction issued and outstanding common shares of Columbus Copper. In the event that the Licence is not granted to Albanides by June 1, 2015 (unless otherwise agreed to by the parties), Columbus Copper will, at the election of the Vendors, either dissolve Dinaric and Albanides or return the shares of Dinaric to the Vendors. For clarity, no cash will be paid and no shares will be issued by Columbus Copper until the Licence has been granted to Albanides.
The Agreement and related transactions are subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD
David Cliff, President & CEO