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Message: Moto Announces Issue of 981,193 Shares to Consultant
| March 31, 2009 |
| Moto Announces Issue of Shares to Consultant |
| PERTH, WESTERN AUSTRALIA--(Marketwire - March 31, 2009) - NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH ANY US NEWSWIRE SERVICE Moto Goldmines Limited ("Moto") (TSX:MGL)(AIM:MOE) announces that it has agreed to issue 981,193 common shares of Moto (the "Moto Shares") to Generale Industrielle et Commerciale au Congo ("GICC"), a DRC-based consultancy group, in accordance with the terms of a consultancy agreement entered into between Moto and GICC on 31 December 2007 (as amended) (the "Consultancy Agreement"), following the negotiation of documentation relating to the Moto Gold Project and obtaining of all relevant government approvals and consents to enable the development of the Moto Gold Project. The Moto Shares will be held in escrow pending the formal transfer of the relevant portions of 10 exploitation permits to the JV Company, Borgakim Mining s.p.r.l, as previously described in the Moto announcement dated March 17, 2009. Under the terms of the Consultancy Agreement, if, during the 12 months following the successful completion of the objectives of the Consultancy Agreement, the price of Moto common shares on the TSX exceeds C$11.92 or C$15.90, a further 628,982 common shares will be issued to GICC on each such share price level being exceeded as deferred compensation. Certain of these common shares may be issued on a change of control of Moto, whether or not the share price exceeds this level. |
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