KENIEBA GOLDFIELDS LTD ("KEN")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: December 2, 2011
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing an Option Agreement dated 20th January, 2011 between Qurufing SA, Tanex Resources Ltd and the Company. The Company has acquired an option to acquire an 80% interest in an exploration license covering 101 square kilometers and known as the Kouroufing Property, Mali. In consideration, the Company will pay $us325,000 in cash, issue 2,000,000 shares and commit to $US750,000 in work expenditures. The payment will be staged over three years as follows:
CASH SHARES WORK EXPENDITURES
Year 1 $US175,000 1,000,000 $US125,000
Year 2 $US75,000 500,000 $US250,000
Year 3 $US75,000 500,000 $US375,000
In addition, the Company will pay a finder's fee to Bluestar Management Inc of $33,966 and issue 64,697 common shares.
For further information, please see the Company's news releases dated December 1, 2010 and January 21, 2011.
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