November 29, 2012: Vancouver, BC – Goldeneye Resources Corp. (TSXv: GOE) (the “Company” or “Goldeneye”) is pleased to announce that it has entered into a letter of intent (the “LOI”) with TexKanOk Energy, LLC (the “Vendor”), an arm’s length party to the Company, to acquire an interest in the Keyes Dome Project, Oklahoma (the “Project”).
The Project consists of a total of 3,200 acres in five sections of oil and gas leases, located in Cimarron County, Oklahoma, currently held or under accumulation by the Vendor.
Under the terms of the LOI, the Company will pay a total of $266,000 and issue a total of 3,300,000 common shares and 1,650,000 transferrable share purchase warrants to the Vendor in stages as set out below. Each warrant will authorize the holder thereof to purchase one common share of the Company for a period of five years from the date of issue at an exercise price of $0.30 per share.
- Advance $120,000 upon execution of the LOI, such amount to be treated as a refundable deposit until certain of the leasehold interests are assigned to GOE;
- Pay $146,000 upon acceptance of the transaction by the TSX Venture Exchange (the “Exchange”);
- Issue 1,500,000 common shares upon Exchange acceptance; and
- Subject to the Keyes Dome Project demonstrating commercial production, issue 1,800,000 common shares and 1,650,000 share purchase warrants on or before the date that is twelve months from the date of Exchange acceptance.
- All securities shall be issued directly to the shareholders of the Vendor and shall be subject to resale restrictions in accordance with U.S. and Canadian securities laws.
The Company has commissioned a National Instrument 51-101 Report on the Project and will provide detail technical information about the Project upon completion and filing of the Report.
A finder’s fee is payable with respect to the transaction pursuant to the policies of the Exchange.
The transaction and all payments and share and warrant issuances are subject to the acceptance of the Exchange. There is no assurance that GOE will obtain the acceptance of the Exchange to the transaction.
ON BEHALF OF THE BOARD
Geoff Balderson, President
We seek safe harbor.
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.