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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s