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| LLSR.PK > SEC Filings for LLSR.PK > Form 8-K on 14-Feb-2012 | All Recent SEC Filings |
14-Feb-2012
Completion of Acquisition or Disposition of Assets, Unregistered Sale of Equity
The registrant, Lantis Laser Inc. ("Lantis Laser"), through its operating affiliate, TAG Minerals Zimbabwe (PVT) Ltd. ("TAG-Z"), entered into a Sale of Shares Agreement dated September 19, 2011, pursuant to which TAG-Z, for a total cash payment of $433,000, to be paid in installments through November 30, 2012, purchased 100% of the mineral assets of Dodge mine blocks 1-6, located in Zimbabwe. The transfer of all six blocks has just been completed. The property consists of three hydrothermal mountains representing 123 hectares containing multiple deposits of superior grade barite, limestone and talc based on the drilling reports that management received from the previous owner of the Dodge mine blocks. Lantis Laser believes that in light of the significant recent oil and gas discoveries off the coast of neighboring Mozambique and new drilling contracts expected in the Middle East, central Africa, South Africa and Western Australia the high grade barite alone, which serves as a weighting agent for drilling fluids in oil and gas drilling applications, will be of significant future cash value to Lantis Laser. Along with the purchase of Dodge mine blocks 1-6 TAG-Z received 50% of the issued and outstanding shares of common stock of Chiroswa Minerals (PVT) Limited ("Chiroswa"), an inactive company originally formed to conduct mining operations on the Dodge mine. Since Chiroswa is not an operating company TAG-Z has canceled the Chiroswa shares it received under the Sale of Share Agreement and intends to conduct mining operations on the Dodge blocks itself.
Lantis Laser issued a press release to announce the completion of the acquisition. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1.
In connection with the completion of the acquisition, Lantis Laser received 50%
of the issued and outstanding shares of Chiroswa which it has now canceled since
the company is inactive. The description of the issuance of these securities set
forth under Item 2.01 of this Current Report on Form 8-K is incorporated herein
by reference. The sale of the Chiroswa shares of common stock was made under
Section 4(2) of the Securities Act of 1933, as amended.
(d) Exhibits
2.1 Sale of Shares Agreement dated September 19, 2011 between Chiroswa Minerals (PVT) Limited and TAG Minerals Zimbabwe (PVT) Limited
99.1 Press Release dated February 7, 2012
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