Intigold Mines to acquire TTAGIT Social Networks

2012-05-08 16:38 ET - News Release

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Ms. Lori McClenahan reports

INTIGOLD MINES LTD. TO ACQUIRE A 51% INTEREST IN TTAGIT SOCIAL NETWORKS INC.

Intigold Mines Ltd. has entered into a letter agreement with TTAGIT Social Networks Inc. whereby Intigold has agreed to purchase a 51-per-cent interest in TTAGIT.

Letter agreement

Pursuant to a letter agreement dated May 8, 2012, Intigold agreed to purchase and TTAGIT agreed to sell a 51-per-cent interest, subject to a 2.5-per-cent royalty, in TTAGIT in consideration of Intigold paying to TTAGIT the aggregate sum of $300,000 in cash, and financing $500,000 for the development and marketing of TTAGIT over a 12-month period.

In addition, Intigold shall have the right to purchase 1.5 per cent of the 2.5-per-cent royalty from TTAGIT for the sum of $10-million thereby reducing the royalty payable to TTAGIT from 2.5 per cent to 1.0 per cent.

TTAGIT Social Networks Inc.

TTAGIT holds all right, title and interest in and to certain assets relating to a proprietary social networking technology and on-line Internet commentary system, and the intellectual property rights therein.

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