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Cerrado Announces Clarification on Prior Agreements with Red Cloud, Feneck Consulting Group and Ascendant Resources
TORONTO, ON / ACCESSWIRE / August 2, 2024 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company"), at the request of the TSX Venture Exchange, announces previous engagements with Red Cloud Financial Services Inc. ("Red Cloud") …
TORONTO, ON / ACCESSWIRE / August 2, 2024 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company"), at the request of the TSX Venture Exchange, announces previous engagements with Red Cloud Financial Services Inc. ("Red Cloud") pursuant to an agreement dated October 9, 2020 (the "Red Cloud Agreement") and with and Feneck Consulting Group, LLC ("Feneck", and together with Red Cloud, the "Consultants") pursuant to a contract dated April 1, 2023 (the "Feneck Agreement") for certain capital markets, strategic marketing and investor relations services to raise Cerrado's investor profile.
The Consultants assisted in overall marketing of the Company. Certain of the services enumerated in the Agreements constituted promotional activity within the scope of Policy 3.4 of the TSX Venture Exchange. The Red Cloud Agreement was for an initial term of six (6) months which automatically renewed on a month-to-month basis until it was terminated by Cerrado in January 2024 for a fee of $10,000 per month. The Feneck Agreement provided for an initial six (6) month term for a fee of $3,500 per month which was extended to eight months and terminated in December 2023. No bonus fees or stock options were paid to the Consultants. The Consultants are arm's length to the Company.
The Company also announces that effective March 30, 2023 it entered into a shared services agreement with Ascendant Resources Inc. ("Ascendant"), which formalized the Company's shared services arrangement with Ascendant which has existed prior to the Company's RTO transaction in February 2021, whereby Ascendant shares certain office services, including use of facilities by Ascendant as its head office location, management services, including the use of Company employees, and shared services including IT and other services. Shared services expenses are currently split between Cerrado and Ascendant at an average ratio of approximately 70% to Cerrado and 30% to Ascendant. As disclosed in the Company's most recently filed financial statements, as at March 31, 2024 Ascendant owes Cerrado $3.2 million in connection with shared services. Further, also as disclosed in the Company's financial statements including those most recently filed as at March 31, 2024, on May 1, 2023 the Company entered into a US dollar unsecured grid promissory note with Ascendant in the principal amount of up to $1.5 million. The promissory note bears interest at a rate of 10.0% per annum, compounded monthly. The note matures in not less than 366 days from the date of notice of repayment. As at March 31, 2024 the principal amount of the promissory note totaled $0.8 million.
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