TORONTO, ONTARIO–(Marketwired – May 11, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Kitrinor Metals Inc. (TSX VENTURE:KIT) (the “Company“) announces that it has received a loan (the “Loan“) of $25,000 from Patrick Mohan. The Loan bears 8% interest and is payable on demand. The proceeds of the Loan will be used to pay for the Company’s audit and for general working capital purposes. Management of the Company is currently subject to a management cease trade order with respect to its failure to file the audited financial statements and related management discussion and analysis for fiscal year end December 31, 2015.
Mr. Mohan is President and Chief Executive Officer of the Company. The Company is relying on exemptions from the minority shareholder approval requirements of Multilateral Instrument 61-101 because the transaction is a loan that has been obtained by the Company from a “related party” on reasonable commercial terms that are not less advantageous to the Company than if the Loan was obtained at arm’s length. A material change report in connection with the Loan will be filed less than 21 days before the closing of the transaction. This shorter period is reasonable and necessary in the circumstances because the Company needs the funds immediately to pay filing fees in connection with the filing of the Company’s annual financial statements.
About Kitrinor Metals Inc.
Kitrinor is a junior mining exploration company engaged in the acquisition, exploration and development of mineral resource properties in Canada. The Company’s activities are currently focused on the exploration and development of the Culroc Property located in the Township of Sothman, Ontario.
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 release.
Statements in this press release regarding the Company’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties, such as estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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