Kaizen Discovery announces sale of 100% stakeVANCOUVER, CANADA – B. Matthew Hornor, President and Chief Executive Officer of Kaizen Discovery Inc. (TSXV: KZD), announced today that Kaizen has entered into a share purchase agreement with Alecto Minerals Plc., providing for the sale to Alecto Minerals of Kaizen's Kerboulé gold project in Burkina Faso.
in Kerboulé gold project in Burkina Faso
As consideration for the sale of its 100% interest in the Kerboulé gold project, which covers 399.5 square kilometres in two contiguous licences near Burkina Faso's northern border, Kaizen will receive 54,996,857 shares (worth approximately C$619,000) of Alecto Minerals. Alecto is an Africa-focused, gold and base metals exploration company headquartered in London, UK, and listed on the AIM stock exchange.
The agreement also provides that Alecto will issue to Kaizen a further US$1.5 million in Alecto shares or cash (at Alecto's election), if any of the following occur:
About Kaizen Discovery
Kaizen is a Canadian technology-focused, mineral exploration company that was formed in late 2013 through a combination of Concordia Resource Corp. and assets acquired from HPX TechCo Inc., a 100%-owned subsidiary of High Power Exploration Inc. With its collaboration agreement with ITOCHU of Japan and access to HPX TechCo's proprietary geophysical technology, Kaizen's long-term growth strategy is to work with Japanese entities to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan's industrial sector.
More information on Kaizen is available at www.kaizendiscovery.com
About Alecto Minerals
Alecto Minerals plc is an Africa-focused, gold and base metal exploration company, quoted on AIM, with exploration projects in Mali, Ethiopia and Mauritania.
More information on Alecto is available at www.alectominerals.com
KAIZEN CONTACT INFORMATION
B. Matthew Hornor
President and CEO
Executive Vice President, Corporate Development
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in the company's periodic filings with Canadian securities regulators. When used in this document, the words such as "will, could, plan, estimate, expect, intend, may, potential, should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
Forward-looking information and statements in this news release include, but are not limited to, statements regarding Kaizen's strategy to build a portfolio of highly prospective base-metal projects within the Pacific Rim. All such forward-looking information and statements are based on certain assumptions and analyses made by members of Kaizen's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors that they believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements and Kaizen undertakes no obligation to update such statements, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.
Information provided in this news release related to Alecto Minerals has not been independently verified by management of Kaizen.
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