CALGARY, ALBERTA--(Marketwired - Mar 28, 2017) - Mr. Kevin Nephin, President and CEO of Kestrel Gold Inc. (the "Corporation" or "Kestrel") (TSX VENTURE:KGC) is pleased to announce that the Corporation has entered into debt settlements agreements with certain of its creditors to settle debts owed in a total amount of $450,435 by the issuance of 9,008,700 common shares of the Corporation at a deemed price of $0.05 per share.
The Corporation will also be entering into additional debt settlement agreements with certain of its creditors to settle debts owed in a total amount of $300,000 by the issuance of a total of 6,000,000 common shares at a deemed price of $0.05 per share. Also, the Corporation has entered into debt settlement agreements to settle certain management fees in the total of $55,500 by the issuance of 1,110,000 common shares at a deemed price of $0.05 per share, which settlement is to be approved by disinterested shareholders at the annual meeting of shareholders to be held on April 26, 2017.
The Corporation also announces that it is undertaking a private placement to raise $500,000 by the issuance of 16,666,666 Units at an issue price of $0.03 per unit, each unit consisting of one common share and one common share purchase warrant ("Warrant"), each Warrant entitling the holder to purchase one common share of the Corporation (the "Warrant Share") at a price of $0.05 per Warrant Share, at any time until 36 months from the date of issue. The proceeds of the private placement will be used to carry out an exploration program on the King Solomon Dome project located in the Yukon, to pay for the next six months operating costs, for legal fees and to repay loans, in the amount of $145,000 made by two of the Corporation's directors to sustain the Corporation.
All of the above is subject to final acceptance by the TSX Venture Exchange.
About Kestrel Gold Inc.
Kestrel Gold Inc. is a gold exploration corporation headquartered in Canada. Kestrel's principal property is the King Solomon Dome property, located in the Dawson Mining District, Yukon Territory, Canada.
Neither 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 release.