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Bekem Metals announces acquisition of Kazakh

Bekem Metals Inc., which has its U.S. administrative offices in Salt Lake City, announced Friday that it has acquired Kazakh Metals Inc., an international business company in the British Virgin Islands, for 61.2 million shares of Bekem stock.

In a statement released Friday, Bekem said the primary asset acquired in the purchase is KMI's wholly-owned subsidiary, Kyzyl Kain Mamyt, a limited liability partnership in Kazahkstan. The subsidiary has exploration and production licenses to a 1,637-square-kilometer area in northwestern Kazakhstan, on which KKM has the right to explore for nickel and cobalt. KKM also holds a license to explore for and produce Mamyt brown coal from a deposit located nearby.

According to the terms of the agreement, Kazakh Metals shareholders now own about 61 percent of the outstanding common stock of the company. However, because the two companies shared certain stockholders, control of the company won't be affected, nor will it change Bekem's executive leadership or board of directors.