03:43 PM EST - Simberi Mining Corp. : has signed a letter of intent with Lori Energy Inc., to enable Simberi to buy up to a 100-per-cent interest in Prospecting Licence: PL/35SE/02/07 called the Kaburi Licence encompassing 6,431 hectares located in the Mazaruni mining district of Guyana. The parties intend to complete definitive documentation for the transaction after completing due diligence, following which Simberi will acquire a 100-per-cent unencumbered interest in the Kaburi Licence from Lori. Under the LOI, Simberi has agreed to pay $50,000 on or before September 30, 2009 to acquire the property. Simberi said it has granted to directors, officers and consultants of the company, options to acquire 2.35 million common shares of Simberi. The options are subject to a vesting schedule and exercisable at $0.10 for a period of five years from the date of grant and are subject to regulatory approval. Simberi Mining Corp.
shares V.SAU are trading even at $0.02.
