Vancouver, British Columbia - Kivalliq Energy Corporation (KIV: TSX-V) ('Kivalliq') today announced that on August 30, 2016, in a private transaction, it acquired ownership of and control over 1,969,828 common shares of Roughrider Exploration Limited of 625 Howe Street, Suite 408, Vancouver, BC, V6C 2T6, Canada ('Roughrider'), representing approximately 7.54% of the issued and outstanding common shares of Roughrider. As a result, Kivalliq now has ownership of and control over 3,939,656 common shares of Roughrider, representing approximately 15.08% of Roughrider's issued and outstanding shares.
The 1,989,828 common shares were acquired by Kivalliq pursuant to the Mining Option Agreement dated July 10, 2014, and the amendment to the Mining Option Agreement announced December 22, 2015, between Kivalliq and Roughrider related to the Genesis Property uranium project in Saskatchewan, Canada.
Other than as set forth in the foregoing, there has been no material change in a fact set out in a previous report filed by Kivalliq under the early warning requirements in respect of Roughrider's securities.
This press release is issued pursuant to National Instrument 62-104, which also requires a report to be filed with the B.C. and Alberta Securities Commissions containing additional information with respect to the foregoing matters (the 'Report').
To obtain a copy of the Report or for further information concerning this announcement, please contact Jeff Dare at (778) 327-6671.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX-V: KIV) is a Vancouver-based company with a portfolio of high-quality uranium exploration projects in Canada. Kivalliq holds Canada's highest-grade uranium resource outside of Saskatchewan. The Company's flagship project, the 89,852 hectare Angilak Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. Kivalliq's comprehensive exploration programs continue to demonstrate the 'District Scale' potential of the Angilak Property. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to Kivalliq's news release of March 1, 2013.
In Saskatchewan, Kivalliq holds a 100% interest in the 200,909 hectare Genesis Property located northeast of the Athabasca Basin, with Roughrider Exploration Limited funding the current exploration program pursuant to an option to acquire up to an 85% interest in the property. This highly prospective project is located along the Wollaston-Mudjatik trend and extends 90 km northeast from Wollaston Lake to the Manitoba border.
Kivalliq also holds a 100% interest in the 13,711 hectare Hatchet Lake Property adjacent to the north-eastern margin of Saskatchewan's Athabasca Basin. Compilation of results from previous exploration by Hathor Exploration Limited and Rio Tinto have identified multiple, priority unconformity-related basement targets at Hatchet Lake that were followed up in 2015.
Kivalliq's team of northern exploration specialists has forged strong relationships with sophisticated resource sector investors and Angilak Property partner Nunavut Tunngavik Inc. (NTI). Kivalliq was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory, Canada and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.
On behalf of the Board of Directors
'Jim Paterson'
James R. Paterson, CEO
Kivalliq Energy Corporation
For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].
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.
Certain disclosures in this release constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq's operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.