Kaminak Acquires Securities of Canadian International Minerals4:00PM ET on Friday Feb 19, 2016 by Marketwire Canada - NFD
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Kaminak Gold Corporation (TSX VENTURE:KAM) ("Kaminak" or the "Company") is pleased to announce that Kaminak and Canadian International Minerals Inc. ("CIN") entered into a letter agreement (the "Agreement") on January 21, 2016 pursuant to which Kaminak agreed to transfer its exploration database pertaining to the Lac Manitou Nickel-Copper Property (the "Property") to CIN in exchange for 3.5 million units ("Units") of CIM and a 1% net smelter returns royalty (the "Royalty") with respect to the Property.
Each Unit consists of one common share in the capital of CIN ("Common Share") and one warrant ("Warrant") to acquire a Common Share at $0.10 per Common Share for a period of three years.
Pursuant to the Agreement, CIN issued 3.5 million Units to the Company. As a result of such issuance, Kaminak now holds 3.5 million Common Shares and 3.5 million Warrants, representing approximately 7.8% of CIN's issued and outstanding Common Shares or 14.5% of CIN's issued and outstanding Common Shares assuming exercise of such Warrants.
The Common Shares were issued from CIN's treasury and not acquired on the secondary market. The Warrants were also not acquired on the secondary market.
The Common Shares and the Warrants were acquired in connection with the Agreement and will be held for investment purposes. Kaminak may from time to time and at any time, in its sole discretion, acquire additional securities, dispose of some or all of the existing or additional securities or continue to hold the securities of CIN.
For further information and to obtain a copy of the early warning report, please contact the Company at 1020 - 800 West Pender St. Vancouver, BC V6C 2V6, Attention: Tony Reda, Vice-President of Corporate Development.
On behalf of the Board of Directors of Kaminak
Eira Thomas, President and CEO
