VANCOUVER, BRITISH COLUMBIA – Dec. 17, 2014 – Select Sands Corp. (“Select Sands” or the “Company”) (TSX VENTURE:SNS) reports that a special meeting of shareholders of CanFrac Sands Ltd. (“the Corporation“) was held on December 16, 2014 at the offices of Davis LLP, Suite 1000, Livingston Place, West Tower 250 – 2nd Street S.W. Calgary, Alberta, Canada.
Canfrac Sands is in the business of producing 20/40, 40/70, 16/30, and 100 mesh fracturing sand used in conventional fracturing of oil and natural gas wells in the Western Canadian Sedimentary Basin. The Corporation’s quarrying operations and processing facilities are located near the city of Lloydminster in Saskatchewan.
Pursuant to an Offer to Purchase and Purchase and Sale Agreement dated November 25, 2014 (the “Purchase and Sale Agreement”) entered into by the Corporation and a private ‘Numbered’ Alberta Company, the Numbered Company has agreed to purchase the properties, assets, and undertakings of the Corporation comprising its fracturing sand business, as a going concern, including the goodwill associated with the business (collectively, the “Assets“), for an aggregate purchase price of $3,500,000.
Shareholders have approved the sale by a special majority. The Corporation will be and is hereby authorized to change its name and website from Canfrac Sands Ltd. to its designating number. The deal officially closed on December 16, 2014. The funds are held in a Davis LLP Trust Account to be distributed among shareholders on or before 60 days from December 16, 2014. Select Sands Corp. (formerly La Ronge Gold Corp.) owns 22% equity in CanFrac Sands Ltd.
About Select Sands Corp.
Select Sands is a Vancouver-based resource growth and development company. The Company recently entered into a binding letter of agreement for an option to acquire a 100% undivided right, title, and interest in an approximately 520-acre prospective Tier 1 frac sand property (“Sandtown”) located in northeast Arkansas, USA.
Select Sands has commenced a drill program on its Sandtown property. The property is underlain by the Ordovician St. Peter sandstone formation, the source of ‘Ottawa White’ frac sand selling into major US oil and gas basins. Sandtown sits 3.1 miles from a highway, has an active power line, and has access to an existing rail system about 15 miles away. (See December 4, 2014 News Release)
The Company also owns high-grade gold deposits in the La Ronge Gold Belt, northern Saskatchewan, and holds other gold projects located in Ontario and Saskatchewan.
Please note that Select Sands Corp. has changed its head office location to:
|Suite 310- 850 West Hastings Street|
For more information about Select Sands Corp., please visit www.selectsandscorp.com.
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.
This News Release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
Select Sands Corp.Rasool Mohammad, B.Sc. (Mining)
President & CEO