TORONTO, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Kilo Goldmines Ltd. (“Kilo” or the “Company”) (TSX VENTURE: KGL) announced today that it and direct subsidiary, Kilo Goldmines Inc. (“Kilo Inc.”, and together with Kilo, the “Borrowers”) have entered into an agreement (the “Agreement”) with Resolute (Treasury) Pty Ltd (“Resolute”) and Loncor Resources Inc. (“Loncor”) that will result in the extinguishment of all amounts owing by the Borrowers under a credit facility provided by major shareholder Resolute, which has been in default since March 14, 2019. The credit facility is secured against all assets and undertaking of the Borrowers, including a pledge of the shares of Kilo Inc. The Agreement and the transactions contemplated thereby are subject to receipt of all required regulatory approvals.
Kilo Goldmines Announces Consensual Realization Against Assets
Sep 13, 2019
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