Kingfisher Provides Update on Private Placement - Seite 2

The Offering is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. The FT Units and the Units will be subject to a hold period of four months and one day from the closing date of the Offering in accordance with applicable securities laws.

In connection with the Offering, certain arm's-length parties may receive a cash finder's fee payment and/or warrants to purchase common shares in the capital of the Company in consideration of securities that are sold to subscribers introduced by such parties. Any cash finder's fee payment and/or warrants will be subject to the approval of and will be issued in accordance with the rules of, the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The Consolidation

The Company currently has 141,586,151 common shares issued and outstanding and following the completion of the Consolidation will have approximately 28,287,230 common shares issued and outstanding, without taking into account the Offering. The number of post-Consolidated common shares to be received will be rounded up to the nearest whole number for fractions of 0.5 or greater or rounded down to the nearest whole number for fractions of less than 0.5.

Pursuant to the provisions of the Business Corporations Act (British Columbia) and the Articles of the Company, the Consolidation was approved by way of resolution passed by the board of directors of the Company.

The Company will apply to the TSXV for approval of the Consolidation. The common shares will commence trading on a post-consolidated basis on a date to be determined in consultation with the TSXV, which date will be announced in a subsequent news release once confirmed, but is expected to occur prior to the closing of the Offering. The Company's name and trading symbols will remain unchanged.