Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Quote  |  Bullboard  |  News  |  Opinion  |  Profile  |  Peers  |  Filings  |  Financials  |  Options  |  Price History  |  Ratios  |  Ownership  |  Insiders  |  Valuation

Bullboard - Stock Discussion Forum KAZAX MINERALS INC V.KZX

"KazaX Minerals Inc is a mineral exploration company. It is involved in the acquisition, exploration and development of mineral properties."

TSXV:KZX - Post Discussion

KAZAX MINERALS INC > Kazax Minerals, Safin Element property agreement
View:
Post by DealNoDeal on Feb 19, 2013 7:28pm

Kazax Minerals, Safin Element property agreement

Kazax Minerals, Safin Element property agreement
Ticker Symbol: C:KZX

 

Kazax Minerals, Safin Element property agreement

 

Kazax Minerals Inc (C:KZX) 
Shares Issued 138,208,333
Last Close 2/15/2013 $0.29
Tuesday February 19 2013 - Property Agreement

The TSX Venture Exchange has accepted for filing an amended share purchase agreement dated July 30, 2012, between Kazax Minerals Inc. and Safin Element GmbH to acquire all of Safin's 74.99-per-cent legal and 75-per-cent beneficial interest in the Lomonosovskoye LLP. Pursuant to a contract between the LLP and the Ministry of Industry and New Technologies of Kazakhstan dated March 20, 2009, and as amended July 31, 2009, and Dec. 28, 2010, the LLP holds exploration and production rights to a property located in Kostanay Oblast, Kazakhstan.

Total consideration consists of three payments, as follows:

 

  • The first payment is $13,587,040 (U.S.), comprising a cash payment of $8,971,840 (U.S.) and common shares of the company of $4,615,200 (U.S.), payable on the closing of the agreement. The shares will be issued at a price of 20 Canadian cents per common share.
  • The second payment is $18,800,480 (U.S.), comprising a cash payment of $15,230,480 (U.S.) and common shares of the company of $3.57-million (U.S.), due on or before 30 business days following receipt by the company of the results of tests by an independent laboratory to confirm the iron ore product quality of the property. The number of common shares to be issued will be determined by dividing the sum of $3.57-million (U.S.) by 100 per cent of the volume weighted average trading price of the company's share for the five consecutive trading days ending on the trading day preceding the date the company issues the shares to Safin. Note that the second instalment is to be made in four equal quarterly payments commencing on March 30, 2013.
  • The third payment is $18,800,480 (U.S.), comprising a cash payment of $15,230,480 (U.S.) and common shares of the company of $3.57-million (U.S.), due on or before 30 days following receipt by the company of the results of a drilling program to be undertaken by the company, confirming, to the company's satisfaction, the level of certainty of the mineral resources of the property, and the completion by the company of a resource estimate to be conducted by an independent qualified person and senior resource geologist. The number of common shares to be issued will be determined by dividing the sum of $3.57-million (U.S.) by 100 per cent of the volume weighted average trading price of the company's share for the five consecutive trading days ending on the trading day preceding the date the company issues the shares to Safin. Note that the third instalment is to be made in four equal quarterly payments commencing on March 30, 2014.

 

A finder's fee is payable pursuant to the agreement, as follows:

 

  • $703,800 (U.S.), payable within three days of the company making the first instalment;
  • $966,000 (U.S.), payable within three days of the company making the second instalment;
  • S$966,000 (U.S.), payable within three days of the company making the third instalment.

 

For further information, refer to the company's news release dated Dec. 19, 2011, as updated March 15, 2012, and Oct. 16, 2012.

Be the first to comment on this post
The Market Update
{{currentVideo.title}} {{currentVideo.relativeTime}}
< Previous bulletin
Next bulletin >

At the Bell logo
A daily snapshot of everything
from market open to close.

{{currentVideo.companyName}}
{{currentVideo.intervieweeName}}{{currentVideo.intervieweeTitle}}
< Previous
Next >
Dealroom for high-potential pre-IPO opportunities