Kesselrun Resources Announces Settlement with First Mining
Thunder Bay, Ontario--(Newsfile Corp. - July 5, 2017) - Kesselrun Resources Ltd. (TSXV: KES) ("Kesselrun" or the "Company") is pleased to provide the following corporate update:
Kesselrun and First Mining Finance Corp. (TSX: FF) ("First Mining") have agreed to terms of settlement regarding Kesselrun's outstanding senior unsecured convertible debentures issued to Kesselrun by Tamaka Gold Corporation ("Tamaka"), which was acquired by First Mining (see First Mining news releases dated May 16 and June 17, 2016).
The terms of the settlement are as follows:
First Mining shall grant to Kesselrun:
1. | A onetime payment of CDN$200,000 |
2. | 4,700,000 common shares of First Mining issued under the following terms: |
a. | 1,400,000 common shares issued immediately and subject to no sale restrictions |
b. | 1,100,000 common shares with a sale restriction of no earlier than 1 month from the settlement date |
c. | 1,100,000 common shares with a sale restriction of no earlier than 2 months from the settlement date |
d. | 1,100,000 common shares with a sale restriction of no earlier than 3 months from the settlement date |
In exchange Kesselrun shall:
1. | dismiss the Application with the Ontario Superior Court of Justice |
2. | deem null and void all the senior unsecured convertible debentures of Tamaka held by Kesselrun |
Michael Thompson, President & CEO commented, "We are pleased that this matter has been settled and as an early proponent of the Goldlund project and now as a shareholder of First Mining, anticipate their continued success of not only Goldlund, but their entire project portfolio.As well, we look forward to advancing Kesselrun's Northwestern Ontario gold projects."
About Kesselrun Resources Ltd.
Kesselrun Resources 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 with particular experience in Northwest Ontario. For more information about Kesselrun Resources, please visit www.kesselrunresources.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
For additional information please contact:
Kesselrun Resources Ltd.
Michael Thompson, P. Geo., President & CEO
807.285.3323
michaelt@kesselrunresources.com
Corporate Communications
1.866.416.7941
information@kesselrunresources.com
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Kesselrun, including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, dependence upon regulatory approvals, the execution of definitive documentation, the availability of financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.