KWG Announces Completion of Chromium Intellectual Property Acquisition
13 Mai 2014 - 1:59AM
Marketwired
KWG Announces Completion of Chromium Intellectual Property
Acquisition
TORONTO, ONTARIO--(Marketwired - May 12, 2014) - KWG Resources
Inc. (TSX-VENTURE:KWG) ("KWG") is pleased to announce the
completion of its agreement to acquire fifty-percent of the
ownership rights in two United States provisional patent
applications relating to the production of chromium iron alloys
directly from chromate ore, and the production of low carbon
chromium iron alloys directly from chromite concentrates (the
"Chromium IP Transaction") announced on April 21, 2014. The
Chromium IP Transaction includes the right to use these provisional
patent applications as the basis for filing additional patent
applications in the United States, Canada and elsewhere worldwide
and includes a fifty-percent interest in any of the vendor's
associated intellectual property (the "Chromium IP").
The parties' interests in the Chromium IP will be held through a
limited partnership (the "LP") established by the vendor and KWG
for purposes of completing the Chromium IP Transaction and
developing and exploiting the Chromium IP. The limited partners of
the LP are a wholly-owned subsidiary of KWG and a corporation
beneficially owned by the vendor. The general partner of the LP,
which will manage the business of the LP, is another wholly-owned
subsidiary of KWG.
The vendor assigned its fifty-percent interest in the Chromium
IP to the LP in exchange for 25 million units of KWG (each, a
"Unit"), with each Unit comprising one common share of KWG and one
common share purchase warrant of KWG exercisable at a price of
$0.10 for 5 years from closing.
KWG now has the option to acquire a further 25% interest in the
Chromium IP from the vendor (held through the LP) in exchange for
the issuance of an additional 12.5 million Units to the vendor at
any time within one year (the "First Option"). If the First Option
is exercised, KWG will have an additional option to acquire the
vendor's remaining 25% interest in the Chromium IP (held through
the LP) in exchange for the issuance of a further 12.5 million
Units to the vendor at any time within one year after the exercise
of the First Option (the "Second Option"), thereby acquiring 100%
of the LP.
The closing of the Chromium IP Transaction remains subject to
the final acceptance of the TSX Venture Exchange.
About KWG: KWG has a 30% interest in the Big Daddy
chromite deposit and the right to earn 80% of the Black Horse
chromite where resources are being defined. KWG also owns 100% of
Canada Chrome Corporation which has staked claims and conducted a
$15 million surveying and soil testing program for the engineering
and construction of a railroad to the Ring of Fire from Exton,
Ontario.
Neither 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 Press Release contains or refers to
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects", "is expected", "budget",
"estimates", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might", "occur" or "be achieved". All information, other than
information regarding historical fact that addresses activities,
events or developments that KWG believes, expects or anticipates
will or may occur in the future is forward-looking information.
Forward-looking information contained in this Press Release is
subject to a number of risks and uncertainties that may cause the
actual results of KWG to differ materially from those discussed in
the forward-looking information, and even if such actual results
are realized or substantially realized, there can be no assurance
that they will have the expected consequences to, or effects on,
KWG. Should one or more of these risks and uncertainties, such as:
the actual results of current exploration programs, the general
risks associated with the mining industry, adverse changes in
commodity prices, currency and interest rate fluctuations,
increased competition and general economic and market factors, the
risk that the new method of refining chromite ore into ferrochrome
by means of natural gas that is the subject of the Chromium IP
Transaction does not prove efficient or economical, the scope,
likelihood of grant, enforceability, infringement, freedom to
operate, and commercial value relating to the patent applications
to be used to support the commercialization of the Chromium IP, the
grant or approval of a patent on any invention disclosed in the
patent applications relating to the commercialization of the
Chromium IP, and any expected benefit of commercialization relating
thereto occur, or should assumptions underlying the forward looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, or
expected. We do not intend and do not assume any obligation to
update these forward‐looking statements, except
as required by law. Shareholders are cautioned not to put undue
reliance on such forward‐looking
statements.
Shares issued and outstanding: 752,512,273
KWG Resources Inc.Bruce HodgmanVice-President416-642-3575
Ext103info@kwgresources.com
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