CALGARY, AB / ACCESSWIRE / May 6, 2020 / Kairos Metals Corp. ("Kairos Metals") announces that it has closed a transaction whereby certain of its mineral properties were re-transferred to Lithium Chile Inc. in exchange for a restructuring of two promissory notes (the "Transaction").
The Transaction, which closed on April 18, 2020, resulted in Kairos Metals retransferring certain mineral claim packages (the "Re-Transferred Properties") that were acquired by Kairos Metals pursuant to the "spin-out" transaction which was completed on May 8, 2018 (the "Original Spin-Out Transaction"). The Re-Transferred Properties were those acquired by Kairos Metals under the Original Spin-Out Transaction except for the properties known as the "Salvadora" and "Nancagua" claim packages.
As a result of the Transaction, the promissory note granted by Kairos Metals in the amount of $1,600,000 (with accrued interest) was satisfied by the re-transfer and the promissory note in the amount of $1,150,000 US (with accrued interest) was replaced with a promissory note in the amount of $1,000,000 CDN which matures on November 30, 2021.
About Kairos Metals
Kairos Metals is involved in advancing properties which are prospective for gold, silver and copper accumulations in Chile.
On Behalf of the Board of Directors,
Kairos Metals Corp.
Al Kroontje
President
NOT FOR RELEASE IN THE UNITED STATES OF AMERICA
Forward Looking Statements
This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). You are cautioned that the following list of material factors and assumptions is not exhaustive. Specific material factors and assumptions include, but are not limited to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; the success the Company will have in exploring its prospects and the results from such efforts. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
For more information contact:
Kairos Metals Corp.
Al Kroontje, President
Suite 900, 903 - 8 Ave. S.W.
Calgary, Alberta, Canada T2P 0P7
(403) 607-4009
al@kasten.ca
SOURCE: Kairos Metals Corp.
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https://www.accesswire.com/588734/Kairos-Metals-Closes-Property-Re-Transfer-Agreement
