Kestrel GOLD Inc. Announces Closing of Private Placement
NEWS RELEASE
KESTREL GOLD INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT
September 2, 2020: Kestrel Gold Inc. (the “Corporation”) (TSXV: KGC) announces that it has
closed its non-brokered private placement (the “Private Placement”) of 8,500,000 units of the
Corporation (the “Units”) at a price of $0.035 per Unit, for gross proceeds of $297,500. Each
unit consists of one common share (“Common Share”) and one co mmon share purchase warrant
(“Warrant”), each Warrant entitling the holder to purchase one common share of the Corporation
(the “Warrant Share”) at a price of $0.07 per Warrant Share, at any time until September 2, 2022.
The Common Shares and Warrants are subject to a statutory four month hold period, which
expires January 3, 2021. Finder’s fees, in the amount of $3,675, were paid in cash to a
Finder who introduced subscribers to the Corporation.
The net proceeds of the Private Placement will be used for used for finder ’s fees of $3,675,
exploration expenses of up to $190,000, professional fees of $30,000, filing fees and annual
meeting expenses of $25,000 accounts payable of $20,000 and other expenses of $28,825.
In that two directors and an officer of the Corporation participated in a part of the Private
Placement, that part of the Private Placement is a “related party transaction” within the meaning
of Multilateral Instrument 61- 101 (“MI 61-101”), which requires the Corporation to obtain
“minority approval” of the Corporation’s shareholders of the related party transaction unless there
is an exemption from such requirement. The Corporation is relying on the exemption in Section
5.7(a) of MI 61-101 on the basis that the fair market value of the securities distributed to the related
party is less than 25% of the Corporation’s market capitalization.
About Kestrel Gold Inc.
Kestrel Gold Inc. is a gold exploration company headquartered in Canada and who’s current focus
is the King Solomon Dome project located in the Yukon's famous Klondike placer gold district .
Kestrel Gold Inc. is listed on the TSX Venture exchange under the symbol KGC. Readers are
encouraged to go to the Corporation’s website “www.kestrelgold.com” for further information on
the Corporation.
Forward-Looking Statements
The information and statements in this news release contain certain forward-looking information.
This forward-looking information relates to future events or the Corporation’s future performance.
In particular, this document contains forward-looking information and statements regarding the
use of proceeds of the Private Placement. All statements other than statements of historical fact
may be forward-looking information. This forward-looking information is subject to certain risks
and uncertainties and may be based on assumptions that could cause actual results to differ
materially from those anticipated or implied in the forward-looking information. These
assumptions include that, in respect of the use of proceeds, historical costs and expenses will be
representative of future costs and expenses. The Corporation’s actual results, performance or
achievement could differ materially from those expressed in, or implied by, such forward-looking
information, and accordingly, no assurances can be given that any of the events anticipated by the
forward-looking information will transpire or occur or, if any of them do, what benefits that the
Corporation will derive from them. The Corporation’s forward -looking information is expressly
qualified in its entirety b y this cautionary statement. Except as required by law, the Corporation
undertakes no obligation to publicly update or revise any forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION
SERVICES PROVIDER (as that term is defined i n the policies of the TSX Venture
Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
For further information contact:
Rob Solinger, President and CEO
Office: (403) 816-2141
Email: [email protected]