Calgary-based Keylock Resources (KL-A) has signed a letter of intent to merge with Centramining, a Cyprus-based company with five exploration properties in Kazakstan.
Under the terms of the deal, Keylock will issue 16 million shares in exchange for the outstanding shares of Centramining. The deal is subject to shareholder and regulatory approval, which are expected in February. Due diligence investigations should be finished then as well. At the close of the deal, Centramining shareholders will hold a 43% interest in Keylock.
Centramining owns the Central Mukur heap-leach gold mine, two development projects, and two exploration properties.
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