Raytec Metals Corp. (the "Company "or "Raytec") (TSX VENTURE:RAY) announces that it has increased its stake to 20% of the issued and outstanding Common Shares in Sulphur Solutions Inc. ("SSI"), a privately held company based in Calgary, Alberta. The original agreement with SSI provided Raytec with a right of first refusal to participate in future SSI financings. Raytec has been encouraged by SSI's recent progress towards production and has elected to exercise its right by making an additional investment of $740,000.
SSI, a fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer, has moved closer to production by signing a Letter of Intent with a mid-stream gas producer which operates a permitted site that includes an accessible sulphur supply.
When completed this agreement will allow SSI to take advantage of existing permits for sulphur storage and handling, as well as reduced operating costs associated with transportation to off-site processing facilities. SSI management has also identified prospective customers (domestic and international) and is presently in the process of negotiating off-take agreements for SSI's anticipated sulphur fertilizer production.
About Raytec:
Raytec Metals Corp. is a well-financed Canadian exploration company focused on the acquisition of near-term precious metals assets. The Company holds over 180,000 acres of potash permits in Saskatchewan, Canada - the largest producing region for potash in the world. The Company also holds a 20% interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer. The Company is further diversified with iron ore projects in Ontario, and uranium joint venture projects in the Athabasca Basin of Saskatchewan.
On behalf of the Board,
RAYTEC METALS CORP.
Brian Thurston, President and CEO
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the Offering (including the anticipated closing date) and future exploration plans and expenditures. Although, the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions, including among others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Raytec Metals Corp.
Raytec Metals Corp. Brian Thurston President and CEO 604 688 6410 604 688 6402 (FAX) www.raytecmetals.com