Kesselrun arranges $3-million private placement

Nov 12, 2021

2021-11-12 11:03 ET – News Release

Mr. Michael Thompson reports

KESSELRUN ANNOUNCES PRIVATE PLACEMENT FOR UP TO C$3.0 MILLION

Kesselrun Resources Ltd. has arranged a non-brokered private placement for gross proceeds of up to $3,000,000 from the sale of any combination of flow-through units of the company at a price of 17.5 cents per FT unit and FT units to be sold to charitable purchasers at a price of 21 cents per charity FT unit. The FT units and charity FT units shall be collectively referred to as the offered securities. Red Cloud Securities Inc. is acting as a finder in connection with the offering.

Each FT unit and charity FT unit shall be comprised of one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one half of one common share purchase warrant. Each warrant shall be exercisable into one common share of the company at a price of 23 cents at any time on or before the date which is 24 months after the closing date of the offering.

The company intends to use the proceeds from the offering for the exploration of the company’s Huronian gold project in northwestern Ontario. Proceeds from the sale of FT shares will be used to incur Canadian exploration expenses as defined in subsection 66.1(6) of the Income Tax Act and flow through mining expenditures as defined in subsection 127(9) of the Income Tax Act (qualifying expenditures). Such proceeds will be renounced to the subscribers with an effective date not later than Dec. 31, 2021, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of offered securities.

The offering is scheduled to close on or about Nov. 30, 2021, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the listing of the FT shares and warrant shares on the TSX Venture Exchange (TSXV). The FT shares and warrant shares will be subject to a hold period of four months and one day in accordance with applicable securities laws.

About Kesselrun Resources Ltd.

Kesselrun Resources Ltd. is a Thunder Bay, Ontario-based mineral exploration company focused on growth through property acquisitions and discoveries. Kesselrun’s management team possesses strong geological and exploration expertise in Northwest Ontario.

We seek Safe Harbor.

https://www.kesselrunresources.com/