THUNDER BAY – Mining Now – KWG Resources Inc. (TSXV: KWG) has announced that the company has completed their previously announced acquisition of 49 unpatented claims from INV Metals Inc. in consideration of 3 million treasury units each comprised of one share and one 5-year warrant exercisable at $0.12.
The claims are located south of McFaulds Lake and the Ring of Fire and complete an important section of the railway corridor staked by KWG subsidiary Canada Chrome Corporation. The acquired claims also contain a potential source of aggregate material essential to the construction of any roadway or railway embankment.
The Company also announced that it will reconvene its Annual and General Meeting of Shareholders on March 28, 2012 at 11:00 am (local time) in the offices of Norton Rose Canada LLP, Suite 2300, TD Waterhouse Tower, 79 Wellington Street West, Toronto, Ontario.
The purpose of the meeting is to further poll the Company’s shareholders to vote on a resolution to create two new classes of shares to replace its outstanding common shares.
Details of the said resolution and the attributes of the subordinate voting shares and multiple voting shares are available in the Company’s management information circular dated January 27, 2012, a copy of which is available under the Company’s profile at www.sedar.com.
KWG has a 28% interest in the Big Daddy deposit and is presently earning an additional 2% interest in it under an option agreement to create a joint venture with Cliffs Natural Resources Inc. (Project Operator) on April 1, 2012.
KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted a $15 million surveying and soil testing program for the engineering and construction of a railroad to the Ring of Fire from Exton, Ontario where the Trans Canada line of the Canadian National Railway can be connected.