Cerrado Gold Clarifies Past Agreements with Red Cloud, Feneck Consulting, and Ascendant Resources

Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) has announced clarifications regarding prior agreements with Red Cloud Financial Services Inc. and Feneck Consulting Group, LLC. The Red Cloud agreement, dated October 9, 2020, involved promotional activities and was terminated in January 2024. Feneck's contract, initiated on April 1, 2023, was extended from six to eight months and concluded in December 2023. Cerrado paid Red Cloud $10,000 per month and Feneck $3,500 per month.

Furthermore, Cerrado formalized a shared services agreement with Ascendant Resources Inc. effective March 30, 2023. The arrangement involves shared office facilities, management, and IT services, split 70% to Cerrado and 30% to Ascendant. As of March 31, 2024, Ascendant owes Cerrado $3.2 million. Additionally, Cerrado extended a US dollar unsecured promissory note of up to $1.5 million to Ascendant with a 10% annual interest rate.

Cerrado emphasizes that these transactions are not considered "related party transactions" under MI 61-101, although there are common directors and officers between Cerrado and Ascendant.