News
Southstone Minerals sale of Kwena group
2020-05-25 18:42 ET - Property Agreement
The TSX Venture Exchange has accepted for filing the Kwena group disposition agreement dated March 20, 2020, between Southstone Minerals Ltd. and Kevin Gallagher, a non-arm's-length party to the transaction, whereby the company has agreed to sell a 49-per-cent interest in the issued and outstanding ordinary shares and a 74-per-cent interest in the issued and outstanding preference shares of each of Kwena Mining Projects Pty. Ltd., Kwena Mining and Metallurgical Services Pty. Ltd., and Kwena Springlake Projects Pty. Ltd. (the Kwena group) to Mr. Gallagher and his group for the following consideration: (a) return for cancellation of 4,077,416 common shares held by Mr. Gallagher and his group; and (b) forgiveness of outstanding indebtedness owed to the Kwena group in the aggregate sum of 14,490,121 South African rand (equivalent to $1,203,498 (Canadian)).
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