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Announces Terms of Debt Settlement and Private Placement
Apr 16, 2009 12:24PM
April 16, 2009
International Kirkland Minerals Inc. Announces Terms of Debt Settlement and Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2009) - International Kirkland Minerals Inc. ("IKI" / the "Company") (TSX VENTURE:IKI) announces that it has settled the principal terms of nine (9) debt settlement agreements for an aggregate of $526,277.75 of debt owed by the Company to arm's length consultants and service providers.
The debt settlement agreements are based at $0.04 per share which is the closing price of IKI as at April 15, 2009 and the agreements, if necessary, are also subject to Insolvency and Bankruptcy proceedings at the option of the Company in order to simultaneously eliminate all debts of the Company on the same terms and conditions as with all creditors of the Company.
The above debt settlements represent over 66.66% of the aggregate debt owed by the Company to arm's length creditors and represents all creditors of the Company except for one arm's length creditor that may be owed a net of approximately $245,000 by the Company, which represents less than 33.33% of all outstanding debt owed by the Company to arm's length creditors.
In addition, the Company announces a non-brokered private placement unit offering of up to 10,000,000 units of the Company at a price of $0.03 per unit for gross proceeds of $300,000. Each unit consists of one common share and one share purchase warrant exercisable into one further common share of the Company at a price of $0.05 per share over a one year term. The closing of the private placement is subject to the settlement of all debts of the Company as noted above, at the option of the subscriber. Insiders will subscribe for 25% (2,500,000 units) of the above noted private placement.
The above noted debt settlements and private placement is subject to the approval of the TSX Venture Exchange and all other regulatory authorities having jurisdiction.
Finally, the Company has initiated a property search for North American based gold prospects.