Latest News
Canadian Gold Miner Komet Resources Sells Burkina Faso Assets
Tuesday 23 April 2019

23 April 2019 - Canada-based gold mining and exploration company Komet Resources Inc. has entered into an agreement to sell all the issued and outstanding shares that it holds in the share capital of its subsidiaries in Burkina Faso, Komet Ressources Afrique SA and Guiro Exploration SARL, to Qatar-based CINI Solutions, the company said.

As compensation, CINI will assume all of all the debts of the subsidiaries, and make 12 consecutive monthly payments of USD 100,000 to Komet.

Closing of the transaction is expected to occur at the end of April.

CINI also holds a first right of offer on Komet's Dabia South property in Mali until June 7, 2019 in consideration for a single cash payment of USD 7m.

This transaction will allow Komet to cease all activities in Burkina Faso.

The company now intends on further developing its Dabia South property in Mali and will also focus its efforts on acquiring gold and base metal exploration and development opportunities in eastern Canada.

Komet Resources has a focus on exploration of its projects in Mali, West Africa.
Date Published: 23/04/2019
Target: Komet Ressources Afrique SA and Guiro Exploration SARL
Country: Burkina Faso
Deal Size: 1.2m (USD)
Sector: Metals/Mining
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Vendor: Komet Resources
Buyer: CINI Solutions