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MONTREAL, Dec. 30, 2024 (GLOBE NEWSWIRE) -- Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR), is pleased to announce that it has signed a share purchase offer (the “Offer”) pursuant to which a private, Quebec based company, would purchase 100% of the issued and outstanding shares of the Corporation’s wholly owned subsidiary, 9194-3126 Québec Inc., doing business as the Fer à Cheval Outfitter (“FaC”), in consideration for $3M in cash less any amounts owing as part of the closing considerations.
All the conditions precedent set forth in the Offer have been satisfied and a closing is expected to take place on January 1, 2025. The closing is conditional to receiving all the funds and the approval of the TSX Venture exchange. Kintavar retains all the rights to continue exploration on the Mitchi property.
The Fer à Cheval Outfitter is a large hunting, fishing and lodging outfitter with an exclusive territory of nearly 240 km2 that covers a large portion of the northern part of the Mitchi sedimentary basin.
“Considering the hybrid business model that Kintavar started implementing in 2024, that is a model of exploration and exploration services, the offer received for FaC was a good fit with the Corporation activities moving forward. We are looking forward to collaborating with the new owners of the FaC as we continue to explore the Mitchi property to define additional resources in coming years. The new owners have been clients of the FaC for over 10 years and share the same passion and interests in the nature and the region’s developments as Kintavar’s management. Their objective is to continue operating the FaC in the same manner it was operated by Kintavar. Our activities will continue focusing on exploration with limited dilution and this cash injection further provides additional financial flexibility to the Corporation as we plan our future activities. Finally, I would like to take this opportunity to thank our team at the FaC that did an amazing job over the last 5 years developing this property and being our permanent feet on the ground. The region continues to have a significant mineral exploration potential and operations such as the FaC are critical in helping the exploration industry.” commented Kiril Mugerman, President & CEO of Kintavar.
About Kintavar Exploration & the Mitchi – Wabash Properties
Kintavar Exploration is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and development of gold and base metal mineral properties. Its flagship project is the Mitchi – Wabash copper-silver district (approx. 39 000 hectares, 100% owned) located 100 km north of the town of Mont-Laurier and 15 km East of the town of Parent in Quebec. Both properties cover an area of more than 300 km2 accessible by a network of logging and gravel roads with access to hydro-electric power already on site, major regional roads including railroad and a spur. The properties are located in the north-western portion of the central metasedimentary belt of the Grenville geological province. The projects primarily focus on sediment-hosted stratiform copper type mineralization (SSC) but include Iron Oxide Copper Gold (IOCG) and skarn type targets. Osisko holds a 2% NSR on 27 claims of the southern portion of the Mitchi property, outside of the sedimentary basin. Kintavar also has exposure in the gold greenstones of Quebec by advancing the Anik Gold Project in a partnership with IAMGOLD.