Monday, May 4, 2009

BVI-registered Atlas Minerals sells the stock of its BVI subsidiary to Quito JointVenture Group

Recently TSX Venture Exchange accepted for filing a Binding Letter of Intent between the British Virgin Islands-registered Atlas Minerals Inc. and Quito JointVenture Group, dated November 12, 2008.

By the terms of this Agreement, the BVI company is to sell to the QJV up to 100% of its stock in its wholly-owned subsidiary Atlas Moly Investment Corporation (BVI), which in its turn is the beneficial owner of Ecuador-based Atlas Moly S.A. Atlas Moly is the substantial holder of all the assets of the BVI company located in Ecuador.

The purchase price which will be paid by Quito JointVenture Group for the stock of Atlas BVI is CDN$425,000. Also, the company will retain a 1.5% net smelter return which can be bought by Ecuador company at any time for the price of US$1,500,000.