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| Home : Kilo to Issue Shares to Satisfy SIHU Property Payment Obligation |
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Sep 07
2011 |
Kilo to Issue Shares to Satisfy SIHU Property Payment Obligation |
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TORONTO, ONTARIO--(Marketwire - Sept. 6, 2011) - Kilo Goldmines Ltd. (TSX VENTURE:KGL)(FRANKFURT:02K) ("Kilo" or the "Company") announced today that amended terms have been agreed to for the final payment for the assignment of the 12 exploration licences in the north-eastern Democratic Republic of Congo ("DRC") comprising the Company's SIHU property. The Company owns an indirect 99% interest in the DRC company that will receive the assignment of the SIHU exploration licences. The original agreement provided for cash payments totaling US$470,000 (of which US$179,000 has been paid to date). The parties have agreed that, subject to regulatory approval, the remaining balance of US$291,000 will be satisfied by the issuance of 1,265,217 common shares of the Company at a deemed price of C$0.23, instead of payment in cash. |
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| Source:http://www.marketwire.com/mw/release.do?id=1557646&sourceType=3 |
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