Bandolac Mining Company, Limited Announces the Acquisition of 22 Mining Claims
Bandolac Mining Company, Limited announce the acquisition of 22 mining claims located in the Township of Cadillac, County of Abitibi, in the Province of Quebec, pursuant to a Purchase Agreement dated August 29, 2008 between the Company and Mr. Mitchell E. Lavery of Val-d’Or, Quebec.
In consideration for the claims, the Company issued 1,000,000 common shares, having a deemed value of $0.10/share. As a result of the issuance of the shares, Mr. Lavery owns approximately 25.4% of the 3,941,372 issued and outstanding shares of the Company and he is considered to be a control person as defined by the Securities Act of Ontario.
The shares were issued pursuant to the petroleum, natural gas and mining properties exemption from the prospectus and registration requirements available under National Instrument 45-106 and will be subject to a four month and one day restricted period on resale.
Bandolac Mining Company, Limited, is a junior mining exploration and development company, that is seeking out strategic opportunities to become a producer of precious and base metals through the exploration, development and operation of commercially viable properties.
