Kintavar Exploration Completes Sale of Fer à Cheval Outfitter
MONTREAL, Canada — Kintavar Exploration Inc. (the “Corporation” or “Kintavar”) (TSX-V: KTR) has announced an exciting development regarding its subsidiary, 9194-3126 Québec Inc., which is known as the Fer à Cheval Outfitter. The Corporation has finalized a share purchase offer to sell 100% of its shares in FaC to a private company based in Quebec for a total cash consideration of $3 million. This strategic move is designed to bolster Kintavar's financial position while allowing the new owners to continue its legacy.
A Look at the Transaction
All preconditions set out in the share purchase offer have been duly met, leading to an anticipated closing date shortly. The completion of this transaction hinges on securing the necessary funds and receiving approval from the TSX Venture Exchange. Notably, Kintavar has retained all exploration rights on the Mitchi property, which underscores its commitment to ongoing operations.
About Fer à Cheval Outfitter
The Fer à Cheval Outfitter stands as a prominent name in hunting, fishing, and lodging services, operating within a roomy territory that spans approximately 240 square kilometers, predominantly situated in the northern segment of the Mitchi sedimentary basin. This unique positioning not only highlights the outfitter's expansive operational capacity but also emphasizes the untapped potential for outdoor recreational activities.
Kintavar's Business Model and Future Goals
The decision to sell FaC aligns perfectly with Kintavar's strategic vision of pursuing a hybrid business model that integrates exploration and exploration services. Kiril Mugerman, President & CEO of Kintavar, emphasized the suitability of the offer, highlighting the new owners' longstanding relationship with FaC and their shared passion for the region's nature and development. This collaboration is aimed at ensuring a smooth continuation of operations, maintaining the standards set by Kintavar.
The Mitchi Exploration Prospects
Kintavar Exploration's flagship project, the Mitchi – Wabash district, is a treasure trove of mineral resources, focusing primarily on gold and base metals. Covering around 39,000 hectares, this project is situated 100 km north of Mont-Laurier and includes both a well-established network of access roads and sources of hydro-electric power. Notably, there’s a significant emphasis on sediment-hosted stratiform copper type mineralization, alongside a variety of mineralization targets such as Iron Oxide Copper Gold (IOCG) and skarn type locations.
Significance of the Transaction
This financial influx from the sale of FaC significantly enhances Kintavar's operational flexibility. The funds will be pivotal as the Corporation strategically plans its future exploration efforts with minimal dilution. Many thanks were extended to the dedicated team at FaC for their outstanding contribution to establishing and developing the property over the years, further solidifying Kintavar's presence in the region.
Looking Forward
Kintavar Exploration is unwavering in its mission to explore and develop the mineral wealth inherent in the Mitchi region while fostering relationships with local stakeholders and ensuring sustainable practices. The company sees immense potential for growth and innovation within its projects, bolstered by the successful transition of FaC to its new owners. Both the team and leadership are excited about what lies ahead, focused on exploration while supporting community initiatives.
Frequently Asked Questions
What does Kintavar Exploration do?
Kintavar Exploration Inc. is a Canadian corporation dedicated to the acquisition, assessment, exploration, and development of gold and base metal mineral properties.
What is the Fer à Cheval Outfitter?
The Fer à Cheval Outfitter is a large hunting, fishing, and lodging service covering an extensive area in the Mitchi sedimentary basin.
How will the sale of FaC affect Kintavar's activities?
The sale will provide additional financial flexibility, enabling Kintavar to focus on its exploration efforts without diluting its equity.
What is the Mitchi – Wabash project?
This flagship project focuses primarily on copper-silver mineralization and spans approximately 39,000 hectares in Quebec.
Who is the new owner of FaC?
The new owner is a private company based in Quebec that has been a client of FaC for over a decade, indicating a shared commitment to the region.
