Nov 25 2014
B. Matthew Hornor, President and Chief Executive Officer of Kaizen Discovery Inc., announced today that Kaizen has successfully completed the sale to Alecto Minerals of Kaizen's Kerboulé gold project in Burkina Faso.
As announced on November 17, 2014, consideration for the sale of its 100% interest in the Kerboulé gold project includes 54,996,857 common shares (worth approximately C$619,000) of Alecto Minerals, which have been received by Kaizen. The agreement also provides that Alecto will issue Kaizen a further US$1.5 million in Alecto common shares or cash (at Alecto's election) upon attaining certain milestones at the project. Alecto is an Africa-focused, gold and base metals exploration company headquartered in London, UK, and listed on the AIM stock exchange.
Kaizen satisfies Tundra Copper payables
Separately, Kaizen has issued 250,000 common shares at a deemed price of $0.37 per share to certain debtors of Tundra Copper, pursuant to a debt settlement agreement dated November 17, 2014. All of the Kaizen shares issued to the debtors are subject to a two-year release schedule, with 25% being released every six months from the date of the agreement.
About Kaizen Discovery
Kaizen is a Canadian technology-focused, mineral exploration and development company. Kaizen entered into a collaboration agreement with ITOCHU Corporation of Japan (market capitalization of approximately $20 billion) in January 2014 and has access to HPX TechCo's proprietary geophysical Typhoon technology under a dedicated services agreement. Kaizen's long-term growth strategy is to work with Japanese entities to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan's industrial sector.
More information on Kaizen is available at www.kaizendiscovery.com
Source: http://www.kaizendiscovery.com/