Continental Gold Closes Transaction to Acquire Property Interests in Colombia

Continental Gold Limited (TSX:CNL) reports closing the previously announced transaction to acquire property interests in Colombia.

The press release is quoted as saying:

In consideration for the Properties, the Company paid US$2,000,000 in cash and issued 495,106 common shares of the Company (having a deemed value of US$4,500,000) to Bullet Holding Corp., a company controlled by Robert Allen. Mr. Allen is the Chairman of the Company and beneficially holds 26,827,189 common shares of the Company, including the common shares issued pursuant to this transaction, through Bullet Holding Corp., Coastal Financing Corp., Reindeer Capital Limited and Groupo de Bullet S.A.

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