By Sheri Kasprzak
New York, Nov. 14 - Kaminak Gold Corp. said it has settled a private placement for C$1,425,954 after being spun off from Shear Minerals Ltd.
In the non-brokered placement, Kaminak sold 4,557,797 non flow-through shares at C$0.25 each and 818,588 flow-through shares at C$0.35 each.
Kaminak was formed from the combination of the non-diamond assets of Hunter Exploration Group and the non-diamond assets of Shear Minerals.
Under the terms of the reorganization, Kaminak was spun off and Shear issued to Hunter 1.5 million shares of Shear at C$0.43 each and warrants for 750,000 additional shares of Shear at C$1.50 each for one year. Kaminak issued to Hunter 3 million of its shares at C$0.25 each and warrants for 3 million shares, exercisable at C$0.35 each for two years. Shear also transferred its interest in the Hunter properties and Shear gold properties to Kaminak for 11,225,684 shares of Kaminak.
Kaminak is based in Edmonton, Alta.
| Issuer: | Kaminak Gold Corp.
|
| Issue: | Flow-through and non flow-through shares
|
| Amount: | C$1,425,954
|
| Placement agent: | Non-brokered
|
| Settlement date: | Nov. 14
|
|
|
| Flow-through shares
|
| Shares: | 818,588
|
| Price: | C$0.35
|
| Warrants: | No
|
|
|
| Non flow-through shares
|
| Shares: | 4,557,797
|
| Price: | C$0.25
|
| Warrants: | No
|
|
|
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