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Kainantu Resources Closes Acquisition for 100% Control of the Kili Teke Copper-Gold Project
Kainantu Resources Closes Acquisition for 100% Control of the Kili Teke Copper-Gold Project ...
About this update from South Pacific Metals Corp.
[{"type":"text","content":"\n \n \n \n Kainantu Resources Closes Acquisition for 100% Control of the Kili Teke Copper-Gold 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 Sept. 14, 2023\n \n \n /CNW/ - Kainantu Resources Ltd. (\"KRL\" or the \"Company\") (TSXV: KRL) (FSE: 6J0) is pleased to announce that it has closed the definitive agreement with\n \n Harmony Gold\n \n (PNG) Exploration Limited (\"HGEL\"), a wholly-owned subsidiary of Harmony Gold Mining Company Limited (\"Harmony\") to acquire 100% ownership of the Kili Teke Gold-Copper Project (\"Kili Teke\" or the \"Project\") in\n \n Papua New Guinea\n \n (\"PNG\") (the \"Acquisition\" or \"Transaction\").\n \n \n \n \n \n \n \n \n \n \n Kili Teke\n \n is an advanced porphyry gold-copper development project with an existing NI43-101 compliant mineral resource; and significant potential for re-optimization focusing on higher grade Au skarn mineralisation close to surface in addition to near site exploration potential to increase overall value.\n \n \n \n Key Highlights:\n \n \n \n \n KRL and HGEL have closed the definitive agreement for KRL to acquire 100% of the Kili Teke Project from HGEL as of today (\n \n September 14, 2023\n \n ), including:\n \n \n \n \n HGEL has obtained the necessary approvals from the PNG Mineral Resource Authority (\"MRA\") to transfer the Project to KRL;\n \n \n \n \n KRL has paid to HGEL the balance of closing consideration of\n \n US$400,000\n \n less adjustments (for a total payment to acquire 100% of the Project being\n \n US$500,000\n \n , inclusive of the original payment made); and\n \n \n \n \n KRL has issued to Harmony 11,257,252 warrants equal to 9.9% of the issued capital of KRL on closing, enabling Harmony to become a strategic investor in KRL at its election in the future (upon Harmony exercising such warrants at a price of\n \n C$0.28\n \n per warrant);\n \n \n \n \n \n \n closing the Acquisition is a key milestone event for KRL, with the Company having control and ownership of 100% of all its blue-chip portfolio of...