Kenadyr Mining Advances Secured Loans pursuant to Option Agreements
TSX VENTURE: KEN
VANCOUVER, British Columbia, Jan. 26, 2018 (GLOBE NEWSWIRE) -- Kenadyr Mining (Holdings) Corp. (TSX-V:KEN) (the “Corporation” or “Kenadyr”) is pleased, further to its news release of November 27, 2017, to provide the following update on its option agreements (the “Option Agreements”) with Realgold Resources Corp. (the “Optionor”) for the acquisition of 9 mineral exploration licenses (the “Licenses”) covering approximately 1,200 square kilometers of the most prospective gold ground within the Middle Tien Shan carbonaceous shale belt of the Kyrgyz Republic. Pursuant to the Option Agreements, Kenadyr’s subsidiaries have advanced secured loans in the aggregate amount of US$552,669.75 to subsidiaries of the Optionor.
Subject to compliance with all applicable laws of the Kyrgyz Republic, Kenadyr is now eligible to exercise its option to acquire the Licenses. During the period of the options, the Optionor’s subsidiaries will use the funds advanced under the Option Agreements to conduct exploration activities on the Licenses and to maintain the Licenses in good standing under Kenadyr’s oversight.
Change in Auditor
Kenadyr would also like to announce the appointment of Dale Matheson Carr-Hilton LaBonte LLP Chartered Professional Accountants as the Corporation’s auditors in the place of Deloitte LLP Chartered Accountants until the next annual general meeting.
Kenadyr Summary and Strategy Statement
Kenadyr Mining is focused on creating shareholder value, both through project acquisition and exploration towards resource definition, within the Kyrgyz Republic. Kenadyr achieves a balance of risk with a blended portfolio.