QUÉBEC CITY, April 16, 2019 (GLOBE NEWSWIRE) -- Komet Resources Inc. (“Komet” or the “Corporation”) wishes to announce that it 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 (the “Share Disposition”), Komet Ressources Afrique SA and Guiro Exploration SARL (the “Subsidiaries”), to CINI Solutions, a private corporation located in Qatar (“CINI”).
CINI will pay the following consideration to Komet for the Share Disposition: (i) the assumption of all the debts of the Subsidiaries; (ii) 12 consecutive monthly payments of US$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 US$7,000,000.
This 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.
For more Information on Komet Resources Inc.:
Lucas Werner Claessens
Chief Executive Officer
Carl Desjardins, Relations publiques Paradox inc.
About Komet Resources
Komet Resources Inc. is a Canadian-based gold mining and exploration Corporation, listed on the TSX-V, with a focus on exploration of its projects in Mali, West Africa.
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.