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Burkina Faso gold project sold to Alecto

24th November 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – TSX-V-listed Kaizen Discovery on Monday announced that it had completed the sale of its Kerboulé gold project, in Burkina Faso, to Alecto Minerals.

Kaizer had received 55-million common shares in Alecto as part of the sales consideration.

The agreement also provided that Alecto would issue Kaizen with a further $1.5-million in Alecto common shares or cash upon attaining certain project milestones.

Meanwhile, Kaizen also noted that it had, separately, issued 250 000 common shares, at a deemed price of $0.37 a share, to certain debtors of Tundra Copper, pursuant to a debt settlement agreement reached on November 17.

All of the Kaizen shares issued to the debtors were subject to a two-year release schedule with 25% being released every six months from the date of the agreement.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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