Komet announces sale of its Assets in Burkina Faso
17-04-2019 08:34:49 | by: Bob Koigi | hits: 10136 | Tags:

Canadian-based gold mining and exploration Komet Resources Inc has entered into an agreement to sell all the issued and outstanding shares that it holds in the share capital of its subsidiaries in Burkina Faso Komet Ressources Afrique SA and Guiro Exploration SARL, to CINI Solutions, a private corporation located in Qatar.

CINI will pay the following consideration to Komet for the Share Disposition: the assumption of all the debts of the Subsidiaries and 12 consecutive monthly payments of 100,000 to Komet. Closing of the transaction is expected to occur at the end of April.

CINI also holds a first right of offer on the Dabia South property in Mali until June 7, 2019 in consideration for a single cash payment of $7,000,000.

The transaction will allow Komet to cease all activities in Burkina Faso.

The Corporation now intends on further developing its Dabia South property in Mali and will also focus its efforts on acquiring gold and base metal exploration and development opportunities in eastern Canada.