Vancouver, British Columbia – September 12, 2014, Sundance Minerals Ltd.,("Sundance" or the "Company") would like to take this opportunity to update shareholders regarding developments with your company since the date of the annual general meeting.
Sundance is pleased to announce that, effective July 1, it has acquired, all of the issued shares of Minera Terra Plata ("Terra Plata"), a Mexican subsidiary of First Majestic Silver Corp (First Majestic), and 0924682 B.C. Ltd. ("NumberCo"), a private company owned by two of the principals of First Majestic. These companies have a total of five properties, all in Mexico, to add to the Sundance portfolio of fourteen properties. Sundance issued 14,509,279 common shares to First Majestic in exchange for the shares of Terra Plata and 1,209,108 common shares to the former shareholders of NumberCo in exchange for their shares of NumberCo.
Upon the acquisition of Terra Plata and NumberCo, Mr. Keith Neumeyer, Mr. Ramon Davila, Mr. Raymond Polman, and Mr. Andrew Poon joined the board of Sundance, while Ms. Tina Woodside, Mr. Roman Friedrich and Mr. Anthony Allen resigned their board positions.
Also on July 1, 2014 Sundance signed an arrangement agreement with Albion Petroleum Ltd. ("Albion"), a capital pool company listed on the NEX board of the TSX Venture Exchange, in which the two companies have agreed to merge pursuant to a plan of arrangement. On completion of the merger Albion will be renamed First Mining Finance Corp. and will be listed on the TSX-V. Please see the attached Albion press release for further details of the proposed merger.
In connection with these matters, the Company also completed a non-brokered private placement of common shares at a price of $0.15 per share for gross proceeds of $524,750. The subscribers under the private placement included each of the new directors referred to above and Mr. David Shaw, who is a director of Albion.
Chris Osterman, President and CEO of Sundance, stated, "We believe that the merging of the quality exploration assets of First Majestic and Sundance, as well as the high level of corporate and financial experience that Mr. Neumeyer and his team bring to the new company will help create one of the premier exploration enterprises in the Americas. The merger with Albion will complete our goal of listing on an appropriate stock exchange and we expect will increase the Company's access to capital while also enhancing liquidity for our shareholders."
