Kestrel Gold - Completes Acquisition of 100% Interest in the QCM Property and Bernard Kreft Announces Acquisition of Common Shares
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CALGARY, AB / ACCESSWIRE / March 22, 2024 / Kestrel Gold Inc. ("Kestrel" or the "Corporation"), (TSX-V:KGC) is pleased to announce that it has expedited the remaining cash payment and common share issuances necessary for Kestrel to fully exercise the QCM Property Option Agreement, see Kestrel's December 15, 2020, news release. With the closing of this transaction Kestrel has earned a 100% interest in the QCM Property from Bernard Kreft.
Rob Solinger, President and CEO of Kestrel, states: "We are pleased to have completed this transaction which will allow Kestrel greater leeway in the advancement of the QCM Property. Positive results from previous reverse circulation drilling by the Corporation at QCM, see Kestrel's April 23, 2022, and October 26, 2022, news releases,
https://www.kestrelgold.com/news/apri-23-2022-r2xzf
https://www.kestrelgold.com/news/oct-25-2022-e7yzr
combined with continued strength in the price of gold, gave Kestrel the confidence to accelerate the cash payment and common share issuances to earn a 100% interest in QCM."
Details of the transaction include a cash payment of $100,000 and the issuance of 2,500,000 Kestrel common shares at a price of $0.03 per share for aggregate consideration of $75,000 to Bernard Kreft. Prior to the completion of the transaction, Mr. Kreft beneficially owned and controlled, an aggregate of 10,260,000 common shares, and 350,000 stock options representing 9.99% of the Corporation's issued and outstanding common shares on an undiluted basis and approximately 10.30% of the Corporation's issued and outstanding common shares on a partially diluted basis. Following the completion of the transaction, Mr. Kreft beneficially owns and controls, an aggregate of 12,760,000 common shares and 350,000 stock options, representing approximately 12.14% of the Corporation's issued and outstanding common shares on an undiluted basis and approximately 12.43% of the Corporation's issued and outstanding common shares on a partially diluted basis.
The common shares were acquired by Mr. Kreft pursuant to the QCM property option agreement between Kestel and Mr. Kreft. Mr. Kreft has a long-term view of the investment and may acquire additional securities of the Corporation either on the open market, through private acquisitions or sell the shares on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
The common shares were acquired pursuant to Section 2.13 of National Instrument 45-106 Prospectus and Registration Exemptions.
