March 2, 2015, Victoria, BC: Teuton Resources Corp. (“Teuton”) (“TUO”-TSX-V) (“TFE”- Frankfurt) (“TEUTF”—OTCBB) announces that, further to its news release of Jan. 28, 2015, the Company’s mineral claims that were seized by the bailiff are now being advertised in the Vancouver Sun for sale. Bids are being accepted until March 27, 2015. Finalization of any sale is contingent upon the subsequent approval of the court.
The Court Order Enforcement Act provides that any property seized as a result of execution proceedings may be sold at auction, subject to the approval of the court, to the maximum of the debt owing. The Bailiff has the responsibility to adequately advertise the property for a reasonable period before sale.
It is the Company’s understanding that the claims will also be advertised in the Northern Miner.
The Company’s 49% beneficial interest in the Treaty Creek property has not been seized and is not included in the sale.
Teuton is endeavoring to raise enough money to see the seized mineral claims returned to the Company. It is intended that the first $321,000 to be raised pursuant to the private placement announced on Feb. 26, 2015 will be used for this purpose, the balance going to exploration and general corporate concerns. It is Teuton’s understanding that if the $321,000 that is owing is repaid before the court approves the sale, then the claims will be returned.
If the Company fails to redeem the claims through payment, it is also important to note that the entire debt owing could be extinguished through the sale of just one or more of the Company’s 30- plus properties. In such event, any remaining properties would be returned to the Company.
Respectfully:
“Dino Cremonese, P.Eng.”
President, Teuton Resources Corp. I
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This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Teuton Resources Corp. does have an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
