Kintavar Exploration Inc. (TSX-V:KTR) (FRANKFURT:58V), is pleased to announce that further to its news release dated April 9, 2018, Kintavar has successfully closed the second tranche of its non-brokered private placement and issued 6,330,682 units of the Corporation at a price of $0.40 per Unit and common shares of the Corporation issued on a flow through basis, at a price of $0.54 per Share, for gross proceeds of $3,808,696.18. Kintavar intends to complete an additional closing in respect of the Offering on or about June 26, 2018. The total gross proceeds of the Offering after the second tranche are $6.3M.
Each Unit is comprised of one Share and one half of one Share purchase warrant of the Corporation, with each whole warrant entitling the holder to acquire one Share at a price of $0.70 per Share until June 15, 2020.
The Corporation will use the proceeds of the Offering for the ongoing drilling program on the Mitchi property and for working capital purposes.
In connection with the second tranche of the Offering, the Corporation paid finders’ fees totalling $49,235.17 cash and issued 90,593 Share purchase warrants of the Corporation, each entitling to acquire one (1) Share until June 15, 2020 at an exercise price of $0.54 per Share.
All securities issued pursuant to the Offering are subject to the applicable statutory four month hold period ending October 16, 2018. The Offering is subject to the final approval of the TSX Venture Exchange.
About the Mitchi Property
The Mitchi property (approx. 30,000 hectares, 100% owned) is located west of the Mitchinamecus reservoir, 100 km north of the town of Mont-Laurier. The property covers an area of more than 300 km2 accessible by a network of logging and gravel roads with a hydro-electric power substation located 14 km to the east. The property is located in the north-western portion of the central metasedimentary belt of the Grenville geological province. Many gold, copper, silver and/or manganese mineralized showings have been identified to date, with many characteristics suggesting of a sediment-hosted stratiform copper type deposit (SSC) in the Eastern portion of the property and Iron Oxide Copper Gold ore (IOCG) and skarn type deposits in the Western portion. Osisko holds a 2% NSR on 27 claims of the southern portion of the Mitchi property, outside of the sedimentary basin and a 1% NSR on 21 claims partially in the sedimentary basin.
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