VANCOUVER, BRITISH COLUMBIA, Mar. 29, 2010 (Marketwire) -- Landen Capital Corp. (the "Company") (TSX VENTURE:LAN) is pleased to announce that, further to its December 21, 2009 press release, it has received final approval from the TSX Venture Exchange for, and has now completed, the acquisition (the "Acquisition") of 100% of SAMA Nickel Corporation ("SAMA"), a private corporation, from its shareholders, namely: Messrs. Jens Hansen, Bill Lupien, Ron Netolitzky and Dr. Marc-Antoine Audet (collectively, the "Shareholders"). SAMA is now a wholly-owned subsidiary of the Company. In consideration for the SAMA shares, the Company issued an aggregate of 12,500,000 common shares to the Shareholders. The Shareholders will also retain a 1% net smelter royalty on production from SAMA's portion of the Project (as defined below) and an area of mutual interest.
SAMA has a joint venture interest in the Samapleu nickel project (the "Project") in Cote d'Ivoire, West Africa with Societe de Developpement des Mines de Cote d'Ivoire ("SODEMI").
Mr. Elliot Kagna received 600,000 common shares of the Company as a finder's fee in connection with Mr. Kagna's efforts in introducing the Company and SAMA.
The Company has also closed a concurrent private placement (the "Private Placement") on a non-brokered basis of 6,000,000 units ("Unit") at a price of CAN$0.20 per Unit, for total gross proceeds of CAN$1,200,000. Each Unit is comprised of one common share of the Company (a "Share") and one-half of one non-transferable share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share until March 26, 2011 at a price of CAN$0.30. Net proceeds from the Private Placement will be used for the expenditures on the Company's properties, including the Project, and working capital requirements.
In connection with the Private Placement, the Company paid to certain finders (collectively, the "Finders") an aggregate cash fee of $62,377 representing 7% of the gross proceeds placed by the Finders. In addition, the Finders received an aggregate of 311,885 Warrants (being equal to 7% of the Units sold to eligible purchasers located through the efforts of the Finders), having the same terms and conditions as the Warrants.
All securities issued or issuable under the Acquisition and the Private Placement are subject to a four-month hold period expiring on July 27, 2010.
The Samapleu Project
The Project is a joint venture amongst SAMA (66 2/3%) and SODEMI (33 %) in Cote d'Ivoire, West Africa. The Project encompasses approximately 775 square kilometres ("km") and is located 600 km northwest of Abidjan, the commercial capital of Cote d'Ivoire, and 50 km west of Biankouma. The area has excellent infrastructure with a road network leading to the Project and all required services are available in the nearby towns of Man and Biankouma.
The Project was discovered by SODEMI in the mid 1970's. The geological setting consists of well preserved pyroxenitic to peridotitic bodies of early Proterozoic age intrusions within a Charnockitic environment. SODEMI drilled a total of approximately 40 core boreholes during the 1970's and 1980's, as well as in 1996.
A National Instrument 43-101 compliant technical report on the Project will be filed by the Company on Sedar today.
Effective immediately, Dr. Marc-Antoine Audet (P.Geo.) will assume the role of President, Chief Executive Officer ("CEO") and a Director of the Company. Dr. Audet has over 22 years of geological experience ranging from field geologist to senior positions in international nickel laterite exploration with major mining companies. From 1994 to 2008, Dr. Audet held the position of Director, Nickel Laterite Exploration for Xstrata Nickel and has served as the Director of International Nickel Laterite Exploration for Falconbridge. His project experience includes the Falcondo laterite nickel operation, the newly discovered Serra do Tapas and Vale dos Sonhos deposits in Brazil and New Caledonia's Koniambo Ni-Co laterite project. Dr. Audet was Manager of Resource Estimation and Mine Development and the Exploration Manager and Chief Geologist for Falconbridge in New Caledonia. He also served as the Senior Project Geologist and Director of Operations for Falconbridge International Investments Limited in Cote d'Ivoire, West Africa.
Dr. Audet replaces Mr. Todd Hilditch as President and CEO. The Company would like to thank Mr. Hilditch for his guidance in the role of CEO of the Company and through this transaction. Mr. Hilditch will continue in his role as a Director.
The Company is also pleased to announce the addition of Mr. Bryan McKenzie as Chief Financial Officer ("CFO"). Mr. McKenzie is a Chartered Accountant with extensive public company experience. Mr. McKenzie is replacing Mr. Rajwant Kang as CFO. The Company would like to thank Mr. Kang for his services and wish him luck in his dedication to his other business interests.
An Advisory Committee is being formed which will initially be made up of Messrs. Ron Netolitzky, Jens Hansen and Bill Lupien. Their extensive experience in the financial and mining sectors will be invaluable to the Company as it goes forward with the exploration and financing of the Project. In particular, Messrs. Hansen and Netolitzky have over twenty years of experience in Cote d'Ivoire, West Africa.
The Company has granted a total of 1,200,000 incentive stock options to directors, officers and consultants of the Company. These options will be exercisable at a price of CAN$0.33 per share and will expire on March 25, 2015. An 18-month vesting provision will be included. The grant of the stock options is subject to regulatory approval.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.