Kazax Issues Third Tranche Share Payment on Lomonosovskoye Project
11 2월 2014 - 4:36AM
Marketwired
Kazax Issues Third Tranche Share Payment on Lomonosovskoye Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 10, 2014) -
Kazax Minerals Inc. ("Kazax" or the "Company") (TSX-VENTURE:KZX)
announces as a follow-up to its news releases dated February 19,
2013, April 30, 2013 and May 30, 2013 that it has completed the
third and final tranche share payment due to Safin Element GmbH
("Safin") under the terms of the Company's acquisition (the
"Acquisition") of a 74.99% interest in the Lomonosovskoye Limited
Liability Partnership (the "LomoLP"). In connection with the
Acquisition, the Company has issued an additional 39,270,000 common
shares to Safin at a deemed price of CDN$0.10 per share (the "Third
Instalment Consideration Shares").
As previously disclosed, the LomoLP holds unrestricted
exploration and production rights to the Lomonosovskoye iron
deposit located in Kostanay Oblast Kazakhstan pursuant to a subsoil
use contract between the LomoLP and the Ministry of Industry and
New Technologies of Kazakhstan.
To date, the Company has issued an aggregate of 75,432,971
common shares to Safin and completed cash payments to Safin
totalling US$8,933,784 (before payment of Capital Gains Tax), in
accordance with the terms of the Acquisition share purchase
agreement (the "SPA").
The Third Installment Consideration Shares issued to Safin are
subject to resale restrictions until June 5, 2014. In addition,
under the terms of the SPA, the parties have agreed to certain
additional contractual hold periods, such that two tranches
(consisting of 25% of the Third Installment Consideration Shares
each) will have an additional hold period expiring 18 and 24 months
from the original closing date under the SPA of February 15, 2013,
respectively.
For additional information readers are invited to review
additional corporate and property information available on SEDAR at
www.sedar.com.
ON BEHALF OF THE BOARD
Trevor Campbell Smith, President & CEO
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.
Kazax Minerals Inc.+7 7172 99 05
49info@kazaxmineralsinc.comwww.kazaxmineralsinc.com
KazaX Minerals Inc. (TSXV:KZX)
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