Keylock Res. gets nod for foreign venture

The Alberta Stock Exchange has given its conditional approval for Keylock Resources (KL-A) to acquire all the shares of Centramining, a private company with interests in four gold projects in Kazakstan.

Three of the four projects are in production or near production, while the fourth is described as an “excellent” exploration target.

Keylock has completed its due diligence, and both parties have signed a final purchase and sale agreement. Shareholders will vote on the acquisition at a special meeting on March 10.

The transaction calls for Keylock to issue 16 million shares for all the outstanding shares of Centramining, representing a value of $8 million.

Once this is complete, shareholders of Centramining will own about 43% of Keylock on a fully diluted basis. Management changes will be announced at the special meeting.