Intigold Mines to acquire TTAGIT Social Networks

2012-05-08 16:38 ET - News Release

Ms. Lori McClenahan reports

INTIGOLD MINES LTD. TO ACQUIRE A 51% INTEREST IN TTAGIT SOCIAL NETWORKS INC.

Intigold Mines Ltd. has entered into a letter agreement with TTAGIT Social Networks Inc. whereby Intigold has agreed to purchase a 51-per-cent interest in TTAGIT.

Letter agreement

Pursuant to a letter agreement dated May 8, 2012, Intigold agreed to purchase and TTAGIT agreed to sell a 51-per-cent interest, subject to a 2.5-per-cent royalty, in TTAGIT in consideration of Intigold paying to TTAGIT the aggregate sum of $300,000 in cash, and financing $500,000 for the development and marketing of TTAGIT over a 12-month period.

In addition, Intigold shall have the right to purchase 1.5 per cent of the 2.5-per-cent royalty from TTAGIT for the sum of $10-million thereby reducing the royalty payable to TTAGIT from 2.5 per cent to 1.0 per cent.

TTAGIT Social Networks Inc.

TTAGIT holds all right, title and interest in and to certain assets relating to a proprietary social networking technology and on-line Internet commentary system, and the intellectual property rights therein.

TTAGIT is the first social network that allows you to comment on everything across the Web with one log-in. It was designed to tag the moment. TTAGIT is a mobile application that lets you comment or annotate on anything with a URL (uniform resource locator) or a GPS (global positioning system) location from your browser, tablet or mobile phone without the hassles of logging in and out of several accounts.

TTAGIT technologies are cutting edge with fast modern frameworks, languages and cloud servers. In addition, TTAGIT technologies are geared toward the rising mobility use and the coming Internet television.

Intigold also announces that pursuant to the company's stock option plan, the company will grant incentive stock options to directors, officers and consultants of the company to purchase an aggregate of one million shares in the capital of the company at an exercise price of 30 cents per share for a period of two years.