KANDARIO GOLD

Kanadario Gold Replaces Management and Board, Reveals New Name and Plans to Raise C$36.4 Million in Financings

11:23 AM EDT, 10/23/2020 (MT Newswires) -- Kanadario Gold (KANA.V) on Friday said it is replacing its management and board and renaming the company G Mining Ventures as it raises C$31 million in a brokered share offering and private placement to fund the acquisition of a "significant gold asset".

The company said Louis-Pierre Gignac will become its chief executive while Louis Gignac Sr will serve as board chair following the completion of a brokered offering. The offering will raise C$31 million through the sale of 62 million share units, priced at C$0.50 and made up of a share and one half of an 18-month warrant to buy a second share for C$0.80.

A concurrent private placement will raise an additional will sell 10.8 million units under the same terms, raising C$5.4 million.

"I am excited about the launch of G Mining Ventures with an objective of acquiring a significant gold asset in the near future. Based on the track record of our team, the ideal acquisition target is an advanced development project or an operating asset which can be substantially improved," Louis-Pierre Gignac said in a release

Kandario's board has approved the change over but shareholders will also be required to vote on the transactions.

Kandario shares were halted prior to market open, last trading Thursday at C$0.50 on the TSX Venture Exchange. No timing for a resumption of trading has yet been announced.

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