Kapuskasing Gold Finalizes Agreement to Acquire Eight Properties in Newfoundland & Labrador
Vancouver, British Columbia (FSCwire) - Kapuskasing Gold Corp. (TSX-V: KAP) (the “Company” or “KAP”) announces that it has executed and finalized, subject to TSX Venture Exchange approval, the asset purchase agreement for a 100% interest in eight (8) separate properties hosting potential gold (Au), silver (Ag), cobalt (Co), copper (Cu) and vanadium (V) located in the province of Newfoundland and Labrador (NL) announced March 1, 2017.
The properties are termed the: Kings Court (Cu, Co) project, Lady Pond (Cu, Co, Au, Ag) project, Alexis (Co) project, Cape Charles (Co) project, Hayes (V) project, Indian Head (V) project, Iron Mountain (V) project, and the Ross Lake (V) project.
The Company can purchase a 100% interest in all of the properties for total consideration of 7,500,000 shares, and a $5,000 one time cash payment. The Vendors shall retain a 3% net smelter royalty (NSR) interest, or where applicable, a 3% Net Profit Royalty (NPR). The Company retains the option to buy back 2% of the NSR (or NPR) for $1,000,000.
The vendors (which are all arm’s length) include Shane Stares, Newman (Wayne) Reid, Stephen Stares, Michael Stares, Robert Duess, Robert Stares, Alexander Stares, James (Ricky) Crocker, and Calvin Crocker. No finders fees, or any other associated fees were incurred in this transaction.
Mr. Garry Clark P.Geo, (Exploration Manager and a director of the Company) a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed the technical content of this release. The content of the geological data presented has been derived from the Provinces Mineral Deposit Database and exploration assessment files and are believed to be accurate and correct.
On behalf of the Board of Directors
Jonathan Armes
President & CEO
Phone 1 (416) 708-0243
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 press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will”, “anticipates”, “expected to”, “plans”, “planned” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company’s management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Kapuskasing04042017.pdf
Source: Kapuskasing Gold Corp. (TSX Venture:KAP)
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