Colibri Resource : Corporate Update Regarding the Acquisition of Canadian Gold Resources Ltd.

http://www.4-traders.com/COLIBRI-RESOURCE-CORP-1409336/news/Colibri-Resource-Corporate-Update-Regarding-the-Acquisition-of-Canadian-Gold-Resources-Ltd-24151175/

DIEPPE, NB, April 3, 2017 /CNW/ – (CBI: TSX-V) Further to its news release of December 16, 2016, Colibri Resource Corporation (“Colibri” or the “Company”) wishes to announce that, subject to regulatory and shareholder consent, it has reached a definitive agreement with Ontop Capital Limited (the “Vendor”) regarding the acquisition of Canadian Gold Resources Ltd. (“CGR”) from the Vendor (the “Transaction”). Under the terms of a letter of intent dated December 15, 2016, the Company originally had anticipated issuing up to 26,666,667 common shares at a price of $0.15 per share for all of the issued and outstanding shares of CGR. Following a due diligence review of CGR and its properties, Colibri has agreed to issue 24,242,425 common shares (the “Consideration Shares”) at a price of $0.165 per share to the Vendor for an aggregate acquisition cost of $4,000,000.

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