Kesselrun Resources Ltd: Completes Private Placement Financing
THUNDER BAY, April 8, 2016 / Kesselrun Resources Ltd. (TSXV: KES) ("Kesselrun" or the "Company") is pleased to announce that it has closed the offering previously announced April 1, 2016. Kesselrun issued 600,000 flow-through shares (the "FT Shares") at a price of $0.05 per FT Share and 4,400,000 non-flow-through units (the "NFT Units") at a price of $0.05 per NFT Unit for gross proceeds of $250,000. The NFT Units consist of one common share and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles a holder to purchase one common share at a price of $0.10 for a period of two years expiring April 8, 2018. In connection with the private placement, the Company paid finder's fees, as permitted by the policies of the TSX Venture Exchange, comprised of $17,500 in cash and 196,001 warrants (the "Finder's Warrants"). Each Finder's Warrant entitles the holder to purchase one common share at a price of $0.10 for a period of two years expiring April 8, 2018.
All securities issued above are subject to a hold period of 4 months and one day from the date of closing, which will expire on August 9, 2016.
The proceeds from the non flow-through portion of the private placement will be used for general working capital and the proceeds from the flow-through portion of the private placement will be used to conduct exploration on the Company's properties.
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:
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.
SOURCE: Kesselrun Resources Ltd.