Int'l Kirkland property acquisition
International Kirkland Minerals Inc IKI
Shares issued 5,188,001 Feb 22 close $0.68
Mon 22 Feb 99 Acquisition
The VSE has accepted for filing a letter agreement dated Feb. 11, 1999
between International Kirkland Minerals Inc. (the company) and William
Moffat whereby the company may earn a 100 per cent interest in 52 claims in
the Lac Rocher Township, Quebec, known as the Northern 52. In
consideration, the company will make a cash payment of $60,000 on signing,
complete an initial work program of no more than $10,000 and issue 100,000
shares. A total of 50,000 shares will be issued upon exchange acceptance
and the further 50,000 shares are due on June 30, 1999 upon exchange
acceptance of a geological report detailing the work done on the property
and recommending further work. The property will be subject to a 2 per cent
net smelter return royalty, of which 1 per cent may be repurchased at any
time for $1-million.
The VSE has also accepted for filing an option agreement dated Feb. 13,
1999 between International Kirkland Minerals and William Moffat whereby the
company may earn a 100 per cent interest in eight claims in the Lac Rocher
Township, Quebec, known as the Southern 8. In consideration, the company
will make a cash payment of $30,000 on signing, complete an initial work
program of no more than $10,000 and issue 100,000 shares. A total of 50,000
shares will be issued upon exchange acceptance and the further 50,000
shares will be issued upon exchange acceptance of a geological report
detailing the work done on the property and recommending further work. The
property will be subject to a 2 per cent net smelter return royalty of
which 1 per cent may be repurchased for $1-million (U.S.) within the next
five years.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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