Critical Elements and Blue Note Extend Completion of Croinor Acquisitionadmin
Critical Elements Corporation and Blue Note Mining Inc. report that they have agreed to extend the term of the binding agreement announced on July 19, 2010 (the “Agreement”) providing for the acquisition by Blue Note of all of Critical Elements’ interests in the Croinor gold project located near Val-d’Or, Quebec.
Under the terms of the Agreement, Blue Note has already made cash payments totaling $125,000 to Critical Elements and, in consideration of an additional payment of $10,000, Blue Note now has until May 31, 2011, or such other later date as mutually agreed by Blue Note and Critical Elements, to make a final payment of $2,250,000 to complete the transaction. In addition, Blue Note shall issue 17.5 million common shares to be held in escrow, for release at a rate of 500,000 shares per month over 35 months from the date of closing. The transaction includes Critical Elements’ 71% ownership in the Matchi-Manitou property.