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Kesselrun Resources Raising $8 Million with two non-brokered Private Placements

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The company is looking to raise gross proceeds of up to $4 million from the placement of up to 8,888,888 flow-through units priced at $0.45 per unit. The company is also looking to raise gross proceeds of up to $4 million from the placement of up to 10 million regular units priced at $0.40 per unit.

Additional Information:

Company: Kesselrun Resources
Website: http://www.KesselrunResources.com
Stock Symbol: TSXV: KES
Date Published: Oct 13, 2020
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Kesselrun Resources, a Thunder Bay, Ontario-based mineral exploration company, has announced two non-brokered private placements for a total of $8 million.

The company is looking to raise gross proceeds of up to $4 million from the placement of up to 8,888,888 flow-through units priced at $0.45 per unit.

The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.70 for 24 months, subject to an acceleration clause.

The company is also looking to raise gross proceeds of up to $4 million from the placement of up to 10 million regular units priced at $0.40 per unit.

The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.70 for 24 months, subject to an acceleration clause.

The shares are currently trading at $0.365.

The company’s principal focus is its Bluffpoint and Huronian properties in Northwestern Ontario.

The 100% owned Huronian Gold Project hosts the past producing Huronian Mine, Northwestern Ontario's first gold mine.

Last week the company released initial results from the Fisher Zone, one of four zones tested in the 2020 Huronian drill program.

The 2020 Huronian drill program targeted four zones; Fisher, Fisher North, McKellar and Huronian.

The four zones are in close proximity along an approximate 1500 metre strike length in the area of the historic Huronian Mine.

The Fisher Zone has been outlined by historic work to be approximately 400 metres in strike length and 75 metres in depth.

Highlights included a wide zone of intense quartz veining, alteration and sulphides near surface that assayed 6.2 grams per tonne gold over 45.1 metres with three discreet zones that assayed 42.1 grams per tonne gold over 4.9 metres, 7.6 grams per tonne gold over 2.3 metres and 6.1 grams per tonne gold over 2.8 metres in hole HUR004.

Michael Thompson, P.Geo., President and CEO, stated: "The impressive width and grade along with the tenure of veining, alteration and mineralization indicates a robust system. As well, we have extended the higher-grade core to almost 100 metres vertical depth with the down plunge extent remaining untested. Our systematic approach to exploration puts Kesselrun in an exceptionally good position to aggressively advance the Huronian project."

For more information, please visit the company’s website at www.KesselrunResources.com, contact Michael Thompson, P.Geo., President and CEO, at 807-285-3323 or by email at michaelT@KesselrunResources.com or Investor Relations at 866-416-7941 or email information@KesselrunResources.com.

I’m Megan Edwards for Investmentpitch Media