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Exchange approval of previously announced KXL acquisitions...

Kodiak Exploration acquiring H&D Goodman claims

2007-12-06 16:28 ET - Property Agreement

The TSX Venture Exchange has accepted for filing an option agreement dated Nov. 21, 2007, between Kodiak Exploration Ltd., Darren Goodman and Herb Goodman, whereby the company will acquire a 100-per-cent interest in seven mineral claims, known as the H&D Goodman mineral claims, located in the Leduc and Rickaby townships in Ontario.

Total consideration consists of $70,000 in cash payments or the equivalent amount in shares of the company, at the option of the company.

                                          Cash

Within five days of exchange acceptance   $10,000
Within one year of exchange acceptance    $15,000
Within two years of exchange acceptance   $20,000
Within three years of exchange acceptance $25,000

In addition, there is a 3-per-cent net smelter return relating to the acquisition. The company may at any time purchase 1 per cent of the net smelter return for $500,000 and an additional 1 per cent for an additional $1-million, and the final 1 per cent may be purchased for $1.5-million, in each case in cash or shares at the issuer's option. The company must seek prior written approval from the TSX Venture Exchange in the case that it elects to issue shares regarding the purchase of any percentage of the net smelter return.