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     475  0 Kommentare Morien Closes Cash and Royalty Transaction for Donkin Interest

    HALIFAX, NOVA SCOTIA--(Marketwired - March 2, 2015) - Morien Resources Corp. ("Morien" or the "Company") (TSX VENTURE:MOX) is pleased to announce the closing of the transaction with Kameron Collieries ULC ("Kameron"), an affiliate of The Cline Group LLC, for the exchange of Morien's 25% working interest in the Donkin Coal Project ("Donkin" or "Project") in Cape Breton, Nova Scotia, for cash and a production royalty ("Transaction").

    Approval of the Transaction was given at a special meeting of the Company's shareholders held on February 10, 2015, where shareholders voted 99.99% in favour of the Transaction. The consideration being paid for the interest is $5.5 million in cash and a gross production royalty of 2% to 4%. On closing, Morien received an initial cash payment from Kameron of $2 million. The remaining cash consideration of $3.5 million is to be paid in stages, with $2 million on the earlier of either first production from the Project and the 2nd anniversary of closing, and a further $1.5 million on the earlier of either first export sales from the Project and the 3rd anniversary of closing. In addition, Morien closed a private placement in December, 2014, with Atlantic Royalty LLC, a subsidiary of The Cline Group LLC, for 3.45 million common shares in Morien at $0.30 per share, a 58% premium to market, for gross proceeds of $1,035,000.

    Kameron also agreed to pay Morien a gross production royalty of 2% on the first 500,000 tonnes of coal sales per calendar quarter and 4% on any coal sales from quarterly tonnage above 500,000 tonnes. Based on the current permitted production rate for the Project of 2.75 million sales tonnes per year, and on current and forecasted coal prices, Morien management and its Board of Directors ("Board") estimate that royalty payments could range from $4.6 million to $6.7 million annually. These estimates are based on judgments made by the Board and Morien management, and could be achieved only when the Project reaches maximum permitted production levels. Actual results and royalties received, if any, may vary (see the advisory below regarding Forward-Looking Statements).

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    Morien Closes Cash and Royalty Transaction for Donkin Interest HALIFAX, NOVA SCOTIA--(Marketwired - March 2, 2015) - Morien Resources Corp. ("Morien" or the "Company") (TSX VENTURE:MOX) is pleased to announce the closing of the transaction with Kameron Collieries ULC ("Kameron"), an affiliate of The Cline Group …