Takara Resources Inc. (TSXV:TKK) announces that it has appointed Messrs. John Cullen and James Fairbairn to the board of directors of Takara, in connection with the proposed acquisition of Kutu Gold Inc., a private company having various rights to gold projects in Guyana, South America.
Mr. John Cullen is a co-founder of CGX Resources Inc. (TSXV:OYL), CGX Energy Inc.’s wholly-owned subsidiary that holds CGX’s petroleum prospecting licenses. Mr. Cullen has 30 years experience in public company financing, corporate / capital structuring and management. Following 15 years in the Canadian investment brokerage industry, including 10 years with Burns Fry, John founded a number of public companies including CGX. He is a current director of Hy Lake Gold Inc., MAG Copper Limited, Southeast Asia Mining Corp. and Victory Gold Mines Inc.
Mr. James (Jim) Fairbairn is a Chartered Accountant with over 20 years experience with publicly-traded companies and was CGX’s Chief Financial Officer from incorporation to the end of 2011. He currently holds the position Director, Corporate Affairs at CGX, responsible for social responsibility projects in Guyana. Mr. Fairbairn also sits on the board of directors of Canada Lithium Corp. and of Trelawney Mining and Exploration Inc., a company that is the subject of a recent offer by IAMGOLD Corporation to purchase its outstanding shares in consideration for $3.30 per share, cash.
Takara shall issue up to 60,000,000 common shares to acquire all of the issued and outstanding common shares of Kutu, which is contemplated to have, at closing, approximately $400,000 in cash, and an option to acquire a 100% interest (subject to a 2% net smelter return royalty) in the Kutu Gold Project. The Kutu Gold Project is located in the Mining District No. 8 in the Republic of Guyana, and comprises 23 Medium Scale Prospecting and Mining Permits. In order to maintain the option in good standing with the underlying optionor, Kutu shall: (i) pay $100,000 cash, incur $50,000 in expenditures, and issue 200,000 common shares on or before March 8, 2013; (ii) pay $150,000 cash, incur $150,000 in expenditures, and issue 250,000 common shares on or before March 8, 2014; and (iii) incur $150,000 in expenditures and issue 250,000 common shares prior to March 8, 2015.
Mr. John McConnell and Mr. Marty Rendall have tendered their resignations as board members and the Company sincerely thanks these directors for the time and commitment they gave to Takara during the time that they served on the board of directors.
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We acknowledge the [financial] support of the Government of Canada.