Kent Exploration Inc. (KEX.V: Quote, KXPLF.PK) reported that it has entered into an agreement with Senator Minerals Inc to acquire Senator's 50% interest in and to the Ivanhoe Creek Bentonite claims, in Elko County, Nevada.
The terms of the Agreement require the Company to pay Senator $100 (paid) and reserve to Senator a 3% Production Royalty. With the acquisition of Senator's 50% interest in the Bentonite Claims, Kent now holds a 100% interest in and to the claims, subject to a reservation in favor of RMIC Gold of a 1% net smelter return royalty and the aforementioned 3% Production Royalty reserved for Senator.
The company has accepted the resignation of its CFO Robin Peterson and has appointed Giusseppe Gallo, who has significant experience in transitioning companies, as the Company's Chief Financial Officer.
by RTT Staff Writer
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