KWG Resources Inc. Announces Sale from Control Block of Debut Diamonds Inc.05 Sep 2018
Toronto, Ontario–(Newsfile Corp. – September 5, 2018) – KWG Resources Inc. (CSE: KWG) (OTC: KWGBF) (FSE: KW6) (“KWG”) announces that on September 4, 2018, it disposed of 3,000,000 common shares (the “Common Shares”) in the capital of Debut Diamonds Inc. (“Debut Diamonds” or the “Issuer”) at a price of $0.005 per Common Share through the Canadian Securities Exchange.
Prior to disposing of such Common Shares, KWG owned or controlled 134,515,500 Common Shares representing approximately 65.9% of the issued and outstanding Common Shares of Debut Diamonds. As a result of the above-noted disposition, KWG now owns or controls 131,515,500 Common Shares representing approximately 64.4% of the issued and outstanding Common Shares.
KWG has been actively seeking a buyer for its entire interest in Debut Diamonds and completed the disposition to reduce its holdings of Common Shares of the Issuer and to raise cash for use in other corporate purposes. Depending upon KWG’s evaluation of the business, prospects and financial condition of the Issuer, the market for the Issuer’s securities, its own financial position, general economic conditions and other factors, KWG may or may not dispose of more of its securities of the Issuer, in whole or in part.
KWG is the Operator of the Black Horse Joint Venture (‘JV’) after acquiring a vested 50% interest through Bold Ventures Inc (‘Bold’) from Fancamp Exploration Ltd (‘Fancamp’). KWG funds all JV exploration expenditures and Bold is carried for a 20% interest in KWG’s interest. KWG has a 30% interest in the Big Daddy Joint Venture, of which Noront Resources Inc is the operator.
KWG also owns 100% of Canada Chrome Corporation, which has staked claims and conducted a surveying and soil testing program, originally for the engineering and construction of a railroad to the Ring of Fire from Aroland, Ontario.
KWG subsequently acquired intellectual property interests, including a method for the direct reduction of chromite to metalized iron and chrome using natural gas and an accelerant. KWG subsidiary, Muketi Metallurgical LP, is prosecuting two chromite-refining patent applications in Canada, India, Indonesia, Japan, Kazakhstan, South Africa, South Korea, Turkey, and USA. The national phase filings are under review in each of those jurisdictions, save that Canada, South Africa and Kazakhstan have now each issued a Patent for the direct reduction method.
For more information and to obtain a copy of the early warning report required by securities legislation and filed on SEDAR under the Debut Diamonds profile at www.sedar.com.
Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and KWG disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any securities that may be described herein and accordingly undue reliance should not be put on such. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
KWG Resources Inc.