Avion Gold acquisition of Burkina Faso ExplorationAvion Gold acquisition of Burkina Faso Exploration
AvionGold Corp(C:AVR)
Shares Issued 353,518,994
Last Close7/13/2010
.475
Tuesday July 13 2010 - Acquisition
The TSX Venture Exchange has accepted for filing documentationpertaining to a purchase agreement dated June 29, 2010, between AvionGold Corp., Avion Mali Ltd., a wholly owned subsidiary of the company,Avocet Mining PLC, an Alternative Investment Market-listed company, andResolute West Africa Ltd., a wholly owned subsidiary of Avocet.Pursuant to the agreement, Avion Mali shall acquire from Resolute a100-per-cent interest in Burkina Faso Exploration Ltd. (BFEL) and a100-per-cent interest in a wholly owned subsidiary of BFEL that holds a100-per-cent interest in the Hounde concessions in Burkina Faso.
As consideration, the company shall issue 10.3 million shares to Avocet.Barrick Exploration Africa Ltd., the initial vendor, is still subjectto a 2-per-cent net smelter returns production royalty to be paid by thecompany.
For further information, please refer to the company's press releasesdated Jan. 29, 2010, and July 5, 2010.
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