Kiska re-allocates major investor shares

Kiska Metals Corp. July 29 reported the resignations of George Ireland and John Kanellitsas from its board of directors.

Ireland and Kanellitsas are representatives of Geologic Resource Partners, a privately owned hedge fund sponsor that owned a majority stake in Geoinformatics Exploration Inc. Geoinformatics and Rimfire Minerals Corp. merged to form Kiska in 2009.

The resignations follow the sale of the entirety of 28.6 million Kiska common shares held by GRP, representing about 25 percent of the company's issued and outstanding shares.

Kiska said members of its senior management team and board of directors purchased 9.2 million of the shares sold by GRP, and the company assisted GRP to place the remaining shares with strategic investors.

"The transaction places the shares with investors who are committed to the company's success, and provides Kiska with a strong shareholder foundation going forward," said Kiska President Grant Ewing.