Teck Cominco Ltd

17 operations, 6 development projects Significant producer of Copper, Zinc, Coal, specialty Metals & Oil sands development

about 8 years ago

2016-08-31 06:13:00 AM ET (MT Newswires)

06:13 AM EDT, 08/31/2016 (MT Newswires) -- Teck Resources (TCK), a mining and mineral development company, said it has acquired more than 8.3 million common shares and a $389,117 convertible debenture of Jet Gold, an exploration-stage company.

Jet Gold issued the securities to satisfy $889,117 in debt owed to a Teck subsidiary. Jet Gold had assumed the debt in connection with its indirect acquisition of control over a 30% interest in Haib Minerals, in which Teck holds a 70% interest.

The common shares were issued for a total price of $500,000. The debenture matures in 48 months and is convertible to Jet Gold shares at a price of $0.07 per share.

No cash consideration was paid by Teck and the purchase price was fully satisfied by set-off against the assumed debt.

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