NRWhat anyone makes of this NR?
.
African Gold Group agreement for 2516232 Ontario
2017-05-18 14:36 MT - Acquisition
The TSX Venture Exchange has accepted for filing documentation in connection with an agreement between African Gold Group Inc. and 2516232 Ontario Inc., of which the shareholders are Pella Ventures (Adonis Pouroulis), Delano Capital Corp. (Julian Bharti), PJM Consulting Professional Corp. (Peter McCague), Kaz Investments (Lars Vanniman), Siwash Holdings (Fred Leigh), Newdene Gold (Kam Gill), 2437357 Ontario Inc. (Stan Bharti), Sam Jonah, Vettese Professional Corp. (John Vettese), Matt Simpson, Theron Resources Inc. (Stephan Theron), Brett Richards, Ryan Mathiessen, Bruce Humphrey and John Begeman, whereby the company will acquire all the issued and outstanding shares of 2516232 Ontario, a party to an option agreement with TEMFOR sarl, which holds a 100-per-cent interest in the Madougou gold project located in Burkina Faso. Consideration is the issuance of 33,333,333 common shares upon closing with the cash consideration payable as follows:
- Year 1 -- first option: (i) initial 10-per-cent interest --- $80,000 (U.S.) payable on or before June 2, 2017; (ii) an additional 41 per cent -- $150,000 (U.S.) within 15 days of the first payment;
- Year 1 -- second option: $150,000 within 12 months of the first payment;
- Year 2 -- third option: (i) an additional 24-per-cent interest -- $150,000 (U.S.) within 15 days after the second option closing; (ii) $150,000 (U.S.) within 12 months of the second option closing;
- Year 3 plus -- fourth option: an additional 25-per-cent interest -- finance any and all expenditures.
.