|
Kapuskasing Gold Signs 2nd MOU with First Nations and Appoints New Director & Officer
Vancouver, British Columbia (FSCwire) - Kapuskasing Gold Corp. (TSX-V: KAP) (the Company or KAP) is pleased to announce the signing of a memorandum of understanding (the MOU) with Flying Post and Mattagami First Nations (the First Nations) with respect to KAPs recently acquired West Keefer Property located in Northern Ontario, near the town of Timmins.
The MOU establishes the desire for First Nations and KAP to work together, creating a long-term, mutually beneficial, cooperative and respectful relationship with the spirit of social, ecological, cultural and economic well-being. The MOU also signals a commitment by KAP to identify opportunities for businesses and citizens of the First Nations communities to participate in KAP's exploration activities through business, employment and training opportunities.
In addition, the Company has granted 50,000 common shares (the Shares) and 50,000 share purchase warrants (the Warrants) of the Company to Mattagami First Nation. Each Warrant will be exercisable into one Share at $0.055 for a period of 5 years. The Warrants will vest 25% on the approval of the TSX Venture Exchange and 25% after six months, 12 months and 18 months respectively from the effective date of the MOU.
Flying Post First Nation is not receiving shares and warrants for the signing of this MOU, as it received 50,000 shares and 50,000 warrants as signatory to a Memorandum of Understanding with KAP for the Borden North, Borden South, Golden Route, Rollo, Schewabik, and West Chapleau Projects.
New Director & Officer Appointment
The Company also announces the resignation of Andrew Davidson as Chief Financial Officer (CFO) and the appointment of Mr. James (Jim) Fairbairn as a director and as Chief Financial Officer of the Company. Mr. Fairbairn is a finance professional with over 25 years of experience in corporate governance, leadership, mergers and acquisitions, corporate finance, financial management and financial and management reporting. He is a Chartered Accountant who brings strong financial skills and who has served as a senior officer and/or a director in both public and privately - held companies.
Mr. Davidson will continue to serve as a director for Kapuskasing Gold Corp.
About the Company
Kapuskasing Gold has 7 gold properties located along extensions of the Destor-Porcupine or Borden Gold project. All of the properties, with the exception of Rollo and West Keefer, are situated within the Kapuskasing structural zones and have potential similarities to Goldcorp's Borden Gold project. A detailed map and property descriptions can be viewed on the Company's website: www.kapgold.com (http://www.kapgold.com/).
On behalf of the Board of Directors
Kapuskasing Gold Corp.
Jonathan Armes President & CEO Phone 1 (416) 708-0243
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 press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward looking statements reflect the current beliefs and expectations of management and are identified by the use of words including will, anticipates, expected to, plans, planned and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Companys management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
To view this press release as a PDF file, click onto the following link:
http://www.fscwire.com/sites/default/files/news_release_pdf/kapuskasing05042016.pdf
Source: Kapuskasing Gold Corp. (TSX Venture:KAP) http://www.kapuskasinggold.com/s/home.asp
Maximum News Dissemination by FSCwire. http://www.fscwire.com
|
