Concordia Completes the Sale of its Investment in Western LithiumConcordia Resource Corp. (TSX-V: CCN)("Concordia" or the "Company") announces that it has completed the sale of 28,540,393 common shares owned by it in the capital of Western Lithium USA Corporation (TSX: WLC; OTCQX: WLCDF, "WLC" or "Western Lithium") for net proceeds of $2.85 million which sale was previously disclosed in the Company's news release dated September 13, 2013. The sale concludes the Company's obligations under the Sale and Purchase Agreement between Concordia and Western Lithium (see the Company's news release dated March 11, 2011), where Concordia agreed to dispose of its common shares in the capital of WLC to such persons as identified by management of WLC as strategic investors.
Terry Krepiakevich, Interim CEO of Concordia, commented: "Considering the challenging market conditions and contractual constraints for the sale of our investment, we are pleased to monetize our non-core asset and focus on other opportunities currently being evaluated by the Company."
The proceeds from the sale will strengthen Concordia's treasury as it continues to evaluate a growing list of opportunities as equity markets remain weak.
Concordia is a well-financed junior exploration company with an emphasis on developing mineral deposits in Africa and South America. Concordia has an extensive exploration portfolio in the resource endowed regions including Burkina Faso, the Democratic Republic of Congo, Mozambique and Argentina. In addition, Concordia has acquired an option to purchase 100% of the historic La Providencia silver mine located in the Puna of northwestern Argentina and has also acquired an option to purchase the 16,500 ha Cerro Amarillo-Cajon Grande copper-gold-molybdenum property located in the Malargüe District of Argentina. The Company has an experienced management team and board of directors with extensive expertise across the globe.
On behalf of the Board of
Concordia Resource Corp.
Terry Krepiakevich, Director and Interim CEO
Concordia Resource Corp.
1100 - 355 Burrard St.
Vancouver, BC, Canada, V6C 2G8
The TSX-V has neither approved nor disapproved the contents of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.
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