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Kintavar Closes $1.2M Private Placement

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Kintavar Closes $1.2M Private Placement

 

 

 

 

 

Kintavar Exploration Inc. (TSX-V: KTR) (FRANKFURT: 58V), is pleased to announce that it has closed a non-brokered private placement of 6,000,000 shares issued on a flow through basis at a price of $0.20 per share for gross proceeds of $1,200,000. No warrants, commissions or finders’ fees were issued.

 

The Corporation will use the proceeds of the Offering for the 5,000 m drilling program set to begin this November on the Mitchi property.

 

All securities issued pursuant to the Offering are subject to the applicable statutory four month hold period ending February 19, 2020. The offering is subject to the final approval of the TSX Venture Exchange.

 

“Our larger shareholders were very pleased with our initial summer exploration program results and as such, fully subscribed to this financing. Although Kintavar was already well funded, we felt it was a good opportunity, for all, to shore up our balance sheet, especially given current market conditions. We are excited to begin drilling shortly. Our expectations are very high, and we are excited to begin our drilling program shortly. Copper fundamentals remain strong and once trade wars end, Kintavar and the Mitchi project will be perfectly positioned to maximize shareholder value upon the return to stronger copper prices. We thank our shareholders for their continued support and believe their patience will be well rewarded,” comments Kiril Mugerman, President & CEO of Kintavar.

 

About Kintavar Exploration & the Mitchi Property

 

Kintavar Exploration is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and development of gold and base metal mineral properties. Its flagship project is the Mitchi property (approx. 30,000 hectares, 100% owned) 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 mineralization (SSC) in the Eastern portion of the property and Iron Oxide Copper Gold and skarn type mineralization 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.

 

Posted October 21, 2019

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