LAS VEGAS, May 18, 2012 (GLOBE NEWSWIRE) -- Tucana Lithium Corp. (OTCQB:TUCA) wishes to announce the Company has entered into an Asset Purchase Agreement with Alain Champagne and other parties to acquire a One Hundred (100%) interest in the Lac Kame and EM-1 Properties located in the James Bay, Quebec region of Canada. It is covered by NTS sheets 32O13. The property is made up of 37 map-designated cells totaling 1,961 hectares. Pursuant to the Agreement, the Company will issue a total of 2,000,000 shares of common stock plus an additional payment of $3,000 in cash. Furthermore, the Company has agreed to an additional payment of $50,000 and the issuance of 1,000,000 shares after spending a total of $1,000,000, an additional payment of $100,000 and the issuance of 1,000,000 after spending $2,500,000, and an additional payment of $150,000 and the issuance of 1,000,000 shares after spending a total of $5,000,000 on the properties. The Company has also agreed to pay the Selling group a three (3%) royalty on any commercial producing mineral deposit. The Company's main interest with the newly acquired claims will be magnetic anomalies for kimberlite based upon the airborne magnetic survey released in October 2011.
In addition, the Company entered into a Stock Purchase Agreement with Pay By The Day Company Inc., an Ontario corporation ("PBTD") and Tucana's President Jordan Starkman ("Starkman") to acquire all of the issued and outstanding common shares of PBTD. In exchange, Mr. Starkman assumes and agrees to pay, perform, and discharge all the liabilities and obligations of PBTD. The Company decided it was the right time to divest its interest in PBTD and become a pure exploration company.
The Company's main focus at this time is to raise capital for Phase II of the exploration campaign. The Company will coordinate and plan Phase II of the exploration campaign once the funds are secured. The Company is also seeking a dual listing on a Canadian exchange to further increase its access to capital funding.
Certain statements in this document that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Tucana Lithium Corp. to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company's ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."