09:43 AM EST - Raytec Metals Corp. : has entered into a letter of intent to sell a 100-per-cent interest in its potash assets, including the Spar Property and KP452, to Angus Ventures Corp. and Encanto Potash Corp. or EPC. Angus and EPC have agreed to merge by way of an amalgamation and the merged company will also have the name Encanto Potash Corp. and is hereinafter referred to as "Encanto". Under the letter of intent, Raytec will sell all of its current potash properties including the Spar Property and KP 452 to Encanto. The Company will receive up to 20.68 million shares of Encanto at a deemed price of $0.25 per share for a deemed value of up to $5.17 million. Furthermore, Raytec will make available $6.5 million to be spent on the combined potash properties by December 29, 2009 to earn a 51-per-cent interest in Encanto's Potash Properties. Encanto will have the option to repurchase the 51-per-cent Raytec interest in Encanto's Potash Properties for 26 million shares of Encanto. Raytec Metals Corp.
shares V.RAY are trading even at $0.36.
