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KAINANTU COMPLETES ACQUISITION FOR 100% OWNERSHIP OF MAY RIVER PROJECT
KAINANTU COMPLETES ACQUISITION FOR 100% OWNERSHIP OF MAY RIVER PROJECT Canada NewsWire ...
About this update from South Pacific Metals Corp.
[{"type":"text","content":"\n \n \n \n KAINANTU COMPLETES ACQUISITION FOR 100% OWNERSHIP OF MAY RIVER PROJECT\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n April 3, 2023\n \n \n /CNW/ - Kainantu Resources Ltd. (TSXV: KRL) (FSE: 6J0) (\"KRL\" or the \"Company\"), the\n \n Asia-Pacific\n \n focussed gold mining company, is pleased to announce that it has agreed to terms for the acquisition (the \"Acquisition\") of the remaining 90% interest in the May River Project (the \"Project\") from the Hardrock Limited (\"Hardrock\") vendors.\n \n \n \n \n \n \n \n \n \n Further to the announcement of\n \n \n February 15, 2023\n \n \n , KRL has completed negotiations with Hardrock on terms favourable to all parties under a Share Sale Agreement (the \"Agreement\"), whereby KRL will issue shares in consideration for acquiring 90% of the Project (the \"Shares\").  KRL already holds the other 10% of the Project.\n \n \n Key Terms of the Agreement:\n \n \n \n KRL will acquire the remaining 90% interest in the Hardrock, bringing KRL's total ownership to 100%, subject only to final approval by the TSX-V;\n \n \n Holding 100% of the Project achieves a key milestone for KRL, with the Company having full ownership and control of this highly prospective copper-gold project;\n \n \n Under the Agreement, KRL will issue script consideration of 18 million common shares representing a value of\n \n C$1,440,000\n \n , based on the closing market price of KRL shares on\n \n March 31, 2023\n \n ;\n \n \n On a post completion basis this represents an approximate 17.7% interest in the Company (or 4.4% for each Hardrock shareholder);\n \n \n The Shares will be held in equal allotments by the four (4) shareholders of Hardrock, each holding will be independent of each other. No shareholders from Hardrock will become insiders as a result of the transaction;\n \n \n The Shares are issued subject to a statutory hold period of four (4) months and a day, in accordance with applicable securities law;\n \n \n In addition, the Shares are subject ...