King’s Bay Closes Property Purchase Agreement
Vancouver, BC (FSCwire) - King’s Bay Gold Corporation (TSX.V: KBG), (FSE: KGB1), operating as “King’s Bay”, a mining exploration and development company based in Vancouver Canada, is pleased to announce that it has closed the acquisition of the Trump Island mineral property in Newfoundland and Labrador pursuant to an agreement dated Feb. 6, 2017 between the company, and Gary Lewis, Nigel Lewis and Unity Resources Inc.
The company has made a cash payment of $7,000 and will issue 200,000 shares at a deemed price of 19.5 cents per share to the property sellers. The property is subject to a 2-per-cent net smelter return in favour of the vendors, of which 50 per cent can be repurchased for $1-million.
In addition, the Company corrects its news release of February 1, 2017 announcing issuance of 1,250,000 stock options exercisable at $0.115 for 2 years. The number of options granted was reduced to 816,128 in place of 1,250,000, issued otherwise on the same terms.
About King’s Bay
King’s Bay is focused on the exploration of cobalt and other high‐tech metals in North America. The company believes in this emerging fast‐growth sector and will continue to seek out and evaluate properties that show promise for development. King’s Bay Gold Corp is operating as King’s Bay.
On Behalf of the Board of Directors,
Kevin Bottomley CEO, President
For Investment Inquiries please contact:
Brad Hoeppner Director
O: 604 681 1568
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
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Source: King's Bay Gold Corporation (TSX Venture:KBG)
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