Business
Kintavar Closes the Transaction to Acquire “Pourvoirie Fer a Cheval”
MONTREAL, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR) (FRANKFURT: 58V), is pleased to announce th
About this update from Auriginal Mining Corp.
[{"type":"text","content":" MONTREAL, Aug. 06, 2019 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR) (FRANKFURT: 58V), is pleased to announce that it successfully closed the transaction to acquire (the “Acquisition”) the Pourvoirie Fer a Cheval (“Fer a Cheval”), one of the most developed hunting and fishing outfitters in the region, that shares its exclusive hunting territories with Kintavar’s Mitchi property. Kintavar purchased all the shares of the private company owning Fer a Cheval in consideration of $2.3M, including $1M financed through long-term debt with two local financial institutions, 3,125,000 common shares (each a “Share”) of Kintavar at a deemed price of $0.16 ($500,000), and the balance in cash. The Shares will be subject to a voluntary escrow for a duration of 2 years, with 25% being released every 6 months. For anyone who wants to learn more about the Fer a Cheval, they are invited to visit its website www.feracheval.ca The Acquisition remains subject to the final approval of the TSX Venture Exchange. The Shares issued as consideration pursuant to the Acquisition will be subject to a statutory hold period ending on December 2, 2019. 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. It’s 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 (IOCG) 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. For further information contact: Ki...