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.