KAPUSKASING GOLD CORP. ("KAP")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: April 28, 2016
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing a mineral property acquisition agreement dated April 25, 2016 (the 'Agreement') between the Company and Larry Gervais (the 'Vendor'). Pursuant to the terms of the Agreement, the Company will acquire a 100% interest in the West Keefer property (the 'Property'). By way of consideration, the Company will make cash payments totalling $200,000 over five years and will issue 500,000 shares to the Vendor at a deemed price of $0.05 per share. The Property is subject to a 3% NSR in favour of the Vendor, of which the Company may repurchase 50% for $1,500,000. The Company will also pay $1,000,000 to the Vendor (payable in cash or common shares at the election of the Vendor) in the event a National Instrument 43-101-compliant resource of one million ounces of gold is delineated on the Property. The issuance of shares to the Vendor to settle this payment would be subject to the prior written approval of the Exchange.
Please refer to the Company's news release dated April 20, 2016 for further details.
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