Kaizen Discovery (TSX-V:KZD) announced today that further to its news release of January 30, 2014, it has closed the private placement to ITOCHU Corporation of 8,500,000 common shares of Kaizen at a price of C$0.60, for gross proceeds of C$5,100,000. ITOCHU now holds 6.35% of Kaizen’s issued common shares.
The proceeds of the placement will be used by Kaizen to fund exploration and development activities associated with Kaizen’s mineral exploration properties, including the Ebende nickel-copper-cobalt project in the Democratic Republic of Congo and the Fairholme copper-gold project in Australia, in accordance with work programs and budgets approved by Kaizen, as well as for general corporate and working capital purposes.
The framework agreement between Kaizen and ITOCHU took effect upon the closing of the placement, setting the stage for the two companies to work together to evaluate opportunities to explore and develop selected, high-quality, international mineral projects. Significant provisions of the framework agreement were summarized in Kaizen’s January 30, 2014, news release.
About Kaizen Discovery
Kaizen is a Canadian, technology-focused, mineral exploration company that was formed in late 2013 through a combination of Concordia Resource Corp. and assets acquired from HPX TechCo Inc., a 100%-owned subsidiary of High Power Exploration Inc. Kaizen’s existing portfolio of exploration projects consists of Ebende and Kabongo in the Democratic Republic of Congo, Fairholme in Australia and Kerboule in Burkina Faso. With the activation of its collaboration agreement with ITOCHU, the company’s long-term growth strategy is to produce and deliver minerals to Japanese industries. A strong management team and an experienced board, combined with the improved project portfolio and access to HPX TechCo’s leading-edge, proprietary technology, will help enable Kaizen to more effectively identify and advance world-class mineral projects.
About ITOCHU Corporation
ITOCHU is one of the leading Japanese trading corporations, with approximately 130 bases in 66 countries. ITOCHU engages in domestic trading, import/export, and overseas trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, information and communications technology, realty, general products, insurance, logistics services, construction, and finance, as well as business investment in Japan and overseas.
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