Komet Announces Closing of Previously Announced Transaction Regarding the Sale of the Dabia Sud Property in Mali
July 03 2020 - 11:21AM
Further to its news release dated May 15, 2020 announcing the
entering into of a binding letter of intent,
Komet
Resources Inc. (“
Komet” or the
“
Company”; TSX-V: KMT) is pleased to announce that
it has closed, on July 2, 2020 (the “
Closing
Date”) its previously announced transaction relating to
the sale of all of the issued and outstanding shares of its wholly
owned subsidiary Komet Mali SARL
(“
Komet Mali”), which owns the Dabia Sud
project, to RosCan Gold Corporation ("
RosCan";
TSX-V: ROS).
The disposition price was CAD $ 3.2 million.
Komet received on Closing Date CAD $1.6 million in cash and an
aggregate of 4,060,336 common shares of RosCan, each such common
share having a deemed issuance value of CAD $0.394, representing
the 5-day volume weighted average price of RosCan’s common shares
as of the trading day prior to the Closing Date.
RosCan shares issued in the transaction are
subject to a voluntary hold period for 6 months after the Closing
Date. Komet has entered into a voting trust agreement with RosCan
pursuant to which it has agreed to vote the issued RosCan shares in
favour of management’s recommendations for a period of 12
months.
Investor
Relations/information :
Mr. Robert Wares, Chairman and interim
President: 514-951-4235 / r.wares@kometgold.com
More information about the Corporation is
available at: http://kometgold.com.
Forward-looking Statements
This press release contains statements that may
constitute “forward-looking information” or “forward-looking
statements” as set out within the context of security law. This
forward-looking information is subject to many risks and
uncertainties, some of which are beyond Komet’s control. The actual
results or conclusions may differ considerably from those that have
been set out, or intimated, in this forward-looking information.
There are many factors which may cause such disparity, especially
the instability of metal market prices, the results of fluctuations
in foreign currency exchange rates or in interest rates, poorly
estimated resources, environmental risks (stricter regulations),
unforeseen geological situations, unfavourable extraction
conditions, political risks brought on by mining in developing
countries, regulatory and governmental policy changes (laws and
policies), failure to obtain the requisite permits and approvals
from government bodies, or any other risk relating to mining and
development. There is no guarantee that the circumstances
anticipated in this forward-looking information will occur, or if
they do occur, how they will benefit Komet. The forward-looking
information is based on the estimates and opinions of Komet’s
management at the time of the publication of the information and
Komet does not assume any obligation to make public updates or
modifications to any of the forward-looking statements, whether as
a result of new information, future events, or any other cause,
except if it is required by securities laws.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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