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| | Wed Apr 21, 2010
ICN Announces Amendment to Option Agreement on the Hog Ranch Gold Project, Nevada, USA
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| | ICN Resources Limited ("ICN") (TSX Venture Exchange - ICN), announces an amendment to the terms of the previously announced (May 6, 2009) Option Agreement with Seabridge Gold Inc. ("Seabridge"), and its wholly-owned subsidiary, Seabridge Gold Corporation, by which ICN can acquire a 100% interest in Seabridge's claim groups known as the Hog Ranch and Estill property (the "Property"), located in Washoe County, northwest Nevada, USA.
Under the original terms of the Option Agreement ICN was required to make a CDN $525,000 final cash payment and issue a further one million common shares to Seabridge. In lieu of making the final cash payment the Option Agreement has been amended to provide for ICN to issue a convertible debenture for the principal amount of CDN $525,000 with an 18 month term bearing interest at a rate of 5% per annum (compounded annually), with both principle and interest convertible into ICN common shares, at Seabridge's option, at $0.30 per share. The requirement for ICN to issue one million shares remains, and those shares have been issued and delivered to Seabridge. The issuance of the convertible debenture is subject to regulatory approval.
On Behalf of the Board of Directors of ICN Resources Ltd.
"Carl Hering"
Carl Hering, President & CEO
ICN Resources Ltd.
www.icnresources.com
For further information about the Company, please contact Tasso Baras at 1-877 738-3882 |
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