Lorito Holdings S.à.r.l. and Zebra Holdings and Investments S.à.r.l. Acquire Units of Kanadario Gold Inc.

LUXEMBOURG, Nov. 25, 2020 /CNW/ - Lorito Holdings S.à.r.l. ("Lorito)" and Zebra Holdings and Investments S.à.r.l. ("Zebra"), two companies controlled by a trust settled by the late Adolf H. Lundin, and as such joint actors, both incorporated under the laws of Luxembourg, 40, Boulevard Grande Duchesse Charlotte, L-1330 Luxembourg, announced today that they each had acquired ownership and control  of 4,000,000 unit shares ("Common Shares") respectively of Kanadario Gold Inc. ("KANA" or the "Company" - TSXV:KANA) at a price of Cdn$0.50 per unit share and also 2,000,000 share purchase warrants ("Warrant(s)") respectively for Cdn$0.00 per warrant exercisable into one Common share of KANA at Cdn$0.80 for a period of 18 months following the closing date. The 8,000,000 units were acquired pursuant to the brokered private placement of units at Cdn$0.50 announced by the Company in its press releases dated October 23, 2020 and November 23, 2020 for a total consideration of Cdn$4,000,000.

Prior to the Offering, Lorito and Zebra neither owned common shares nor share purchase warrants of the Company. With the acquisition of the 8,000,000 unit shares by Lorito and Zebra they now hold 4,000,000 common shares each or approximately 4.065% of the Company's issued and outstanding share capital.  Collectively, Lorito and Zebra now hold a total of 8,000,000 common shares of KANA representing approximately 8.13% of the Company's issued and outstanding share capital post-closing.

Through the offering, Lorito and Zebra as joint actors now also hold 2,000,000 warrants each exercisable into the same number of common shares of KANA which, if exercised and aggregated to their holdings of 8,000,000 Common shares, would represent ownership and control over potentially 12,000,000 common shares or approximately 11.72% in KANA's issued and outstanding share capital on a partially diluted basis. 

Lorito and Zebra are joint actors with respect to their Common shares of KANA which were acquired for investment purposes. Each of Lorito and Zebra may from time to time increase or decrease their investments in the common shares of KANA depending upon the business and prospects of KANA and depending upon future market conditions.

A copy of the Early Warning Report filed pursuant to National Instrument 62-103 may be obtained from Sandy Kansky, +1-604-806-3574.

SOURCE Lorito Holdings S.à.r.l.