Kaizen Discovery completes sale of 100% stakeVANCOUVER, CANADA – B. Matthew Hornor, President and Chief Executive Officer of Kaizen Discovery Inc. (TSXV: KZD), announced today that Kaizen has successfully completed the sale to Alecto Minerals of Kaizen's Kerboulé gold project in Burkina Faso.
in Kerboulé gold project in Burkina Faso
As announced on November 17, 2014, consideration for the sale of its 100% interest in the Kerboulé gold project includes 54,996,857 common shares (worth approximately C$619,000) of Alecto Minerals, which have been received by Kaizen. The agreement also provides that Alecto will issue Kaizen a further US$1.5 million in Alecto common shares or cash (at Alecto's election) upon attaining certain milestones at the project. Alecto is an Africa-focused, gold and base metals exploration company headquartered in London, UK, and listed on the AIM stock exchange.
Kaizen satisfies Tundra Copper payables
Separately, Kaizen has issued 250,000 common shares at a deemed price of $0.37 per share to certain debtors of Tundra Copper, pursuant to a debt settlement agreement dated November 17, 2014. All of the Kaizen shares issued to the debtors are subject to a two-year release schedule, with 25% being released every six months from the date of the agreement.
About Kaizen Discovery
Kaizen is a Canadian technology-focused, mineral exploration and development company. Kaizen entered into a collaboration agreement with ITOCHU Corporation of Japan (market capitalization of approximately $20 billion) in January 2014 and has access to HPX TechCo's proprietary geophysical Typhoon technology under a dedicated services agreement. 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
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 the identification, exploration, and development of high-quality mineral projects and the delivery of minerals to Japan's industrial sector. 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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