RE:RE:RE:News
KWG Resources patent rights agreement
2014-05-20 18:05 ET - Property Agreement
The TSX Venture Exchange has accepted for filing the documentation relating to an agreement to acquire up to a 100-per-cent interest in the ownership rights in two United States provisional patent applications relating to the production of chromium iron alloy directly from chromate ore and the production of low-carbon chromium iron alloys directly from chromite concentrates. The consideration payable by the company consists of the issuance of up to 50 million units at a deemed issue price of 10 cents per unit, of which 25 million units were issuable at closing to acquire a first 50-per-cent interest, 12.5 million units are issuable within one year of closing for an additional 25-per-cent interest and another 12.5 million units are issuable in the year thereafter for a final 25-per-cent interest. Each unit comprises one common share and one common share purchase warrant at 10 cents for five years.
For further information, please refer to the company's news releases dated April 21, 2014, and May 12, 2014.