Kenadyr Advances Secured Loans pursuant to Option Agreements
VANCOUVER, British Columbia, Jan. 26, 2018 (GLOBE NEWSWIRE) -- Kenadyr Mining (Holdings) Corp. (TSX-V:KEN) (the “Corporation” or “Kenadyr”) is pleased, further to its news release of November 27, 2017, to provide the following update on its option agreements (the “Option Agreements”) with Realgold Resources Corp. (the “Optionor”) for the acquisition of 9 mineral exploration licenses (the “Licenses”) covering approximately 1,200 square kilometers of the most prospective gold ground within the Middle Tien Shan carbonaceous shale belt of the Kyrgyz Republic. Pursuant to the Option Agreements, Kenadyr’s subsidiaries have advanced secured loans in the aggregate amount of US$552,669.75 to subsidiaries of the Optionor.
Subject to compliance with all applicable laws of the Kyrgyz Republic, Kenadyr is now eligible to exercise its option to acquire the Licenses. During the period of the options, the Optionor’s subsidiaries will use the funds advanced under the Option Agreements to conduct exploration activities on the Licenses and to maintain the Licenses in good standing under Kenadyr’s oversight.
Change in Auditor
Kenadyr would also like to announce the appointment of Dale Matheson Carr-Hilton LaBonte LLP Chartered Professional Accountants as the Corporation’s auditors in the place of Deloitte LLP Chartered Accountants until the next annual general meeting.
Kenadyr Summary and Strategy Statement
Kenadyr Mining is focused on creating shareholder value, both through project acquisition and exploration towards resource definition, within the Kyrgyz Republic. Kenadyr achieves a balance of risk with a blended portfolio.
On behalf of the Kenadyr Mining (Holdings) Corp.
“Alexander Becker”
Dr. Alexander Becker
Chief Executive Officer and Director
For more information, visit www.kenadyr.com or contact Kevin Ma, CFO at info@kenadyr.com or (604) 687-7130.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the success for failure of the Company's proposed exploration activities on the Bourabi Project or its resource potential relative to the TBL Mine and other risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.