International Kirkland Minerals Inc.

International Kirkland Minerals Inc.

July 09, 2009 13:51 ET

International Kirkland Minerals Inc. ("IKI") Announces a Company Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2009) - International Kirkland Minerals Inc. ("IKI" / the "Company") (TSX VENTURE:IKI). Further to the disclosure contained in its Management Discussion and Analysis for the fiscal quarter ended March 31, 2009, as filed on SEDAR June 1, 2009, the Company announces that it failed to make the $25,000 payment on the Creelman-Roberts Property (the "Property") within the 30 day curative period ended June 27, 2009 and as a result the Property has reverted back to the vendor.

The Company wishes to announce that the non-brokered private placement previously disclosed by the Company on April 16, 2009 will not be proceeding at this time. During the Company's efforts to secure financing IKI has determined that any new financings involving insiders and arms length parties will be subject to the Company settling with all of its creditors.

The debt settlement agreements announced on April 16, 2009 are still in effect representing over 66.66% of the aggregate debt owed by the Company. Only one creditor of the Company that is owed a judgment of $243,510, representing less than 33.3% of all Company debt, has refused to enter into a debt settlement agreement for shares of the Company at $0.04 per share and has advised the Company that they may seek to petition the Company into bankruptcy. In the event that IKI is unable to convince such creditor to execute a shares for debt settlement agreement, in a timely manner, then IKI will consider itself filing a proposal under the Bankruptcy and Insolvency Act. Such IKI proposal would have to include an equity financing and would and would also have to eliminate all debts of the company.

On Behalf of the Board,

Jonathan Samuda, Director

The forgoing information may contain forward-looking statements relating to the future performance of the Company. Forward looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.

Shares Issued: 20,709,118
Stock Options: 344,000 @$0.175 & 1,191,000 @$0.12
Warrants: 2,048,250 @ $0.16
Restricted Shares: NIL

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • International Kirkland Minerals Inc.
    Jonathan Samuda