Commander Optionee on Storm Copper Property Completes Public Listing
VANCOUVER, BC - Commander Resources Ltd. (CMD-TSX.V, "Commander") reports that Aston Bay Ventures Ltd. ("Aston Bay"), who optioned Commander's wholly-owned Storm Property in 2011, and Escudo Capital Corporation ("Escudo"), a capital pool company listed on the TSX Venture Exchange has closed their previously announced Plan of Arrangement. Each of the issued and outstanding common shares of Aston Bay have been transferred to Escudo in exchange for common shares of Escudo on a one-for-one basis. As a result of this transaction, Aston Bay becomes a wholly-owned subsidiary of Escudo. In connection with this transaction, Escudo has changed its name to "Aston Bay Holdings", and at open of market today, May 6, 2013, its common shares have commenced trading under the symbol "BAY". This transaction is one of the requirements of the Option and Earn-in Agreement between Commander and Aston Bay dated November 17, 2011 ("Option Agreement").
Commander received, and currently holds, 3 million shares of BAY under the terms of the Option Agreement (see CMD News dated October 11, 2011) which represents approximately 12.6% of the issued and outstanding shares of BAY.
About the Commander - Aston Bay Option Agreement:
Commander and Aston Bay signed an Option Agreement in November, 2011 (amended in July, 2012), under which Aston Bay has the option to earn an initial 50.1% interest in the Storm Property by spending $6 million over four years and by completing a public listing on a recognized stock exchange by May 31, 2013. Aston Bay Holdings may earn a 70% interest in Commander's Storm Property by funding total exploration expenditures of $15 million. As part of the Option Agreement and subsequent amendment, Commander has received payments totaling $150,000 and 3 million shares of BAY, and is to be issued an additional 500,000 shares by December 31, 2015.
COMMANDER trades on the TSX Venture Exchange under the symbol "CMD". For additional information, please visit the Company's website at http://www.commanderresources.com.
On behalf of the Board of Directors,
Eric W. Norton
President & CEO
For further information, please call:
Cathy DiVito, Investor Relations
Toll Free: 1-800-667-7866
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.