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Komet announces sales of its assets in Burkina Faso

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Christian Fernsby |
Komet Ressources Afrique SA
Africa   Closing of the transaction is expected to occur in April

Komet Resources announced 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, Komet Ressources Afrique SA and Guiro Exploration SARL, to CINI Solutions, a private corporation located in Qatar.

CINI will pay the following consideration to Komet for the Share Disposition: the assumption of all the debts of the Subsidiaries; 12 consecutive monthly payments of US$100,000 to Komet.

Closing of the transaction is expected to occur in 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.


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