Company to complete offering as part of planned qualifying transaction
By Devika Patel
Knoxville, Tenn., March 20 - Kanosak Venture Capital Corp. said it will raise between C$600,000 and C$1 million in a brokered private placement conducted in connection with its qualifying transaction. A broker has not yet been retained.
The company will sell common shares at C$0.30 per share, a 57.9% premium to the March 19 closing share price of C$0.19.
The company plans to acquire the rights to the copper, gold and silver prospects at Yasinski Lake, Quebec, held by Amseco Exploration Ltd. as its qualifying transaction. The purchase price will be for 500,000 common shares, at a deemed price of C$0.30 per share, and C$60,000 in cash. Amseco will also retain a 1% net smelter royalty.
Proceeds will be used to complete the first phase of its expected exploration plan on the property.
Kanosak is a Montreal-based capital pool company. It will explore for copper, gold and silver on the property.
| Issuer: | Kanosak Venture Capital Corp.
|
| Issue: | Common stock
|
| Amount: | C$600,000 (minimum), C$1 million (maximum)
|
| Shares: | 2 million (minimum), 3,333,333 (maximum)
|
| Price: | C$0.30
|
| Warrants: | No
|
| Pricing date: | March 20
|
| Stock symbol: | TSX Venture: KKV.P
|
| Stock price: | C$0.19 at close March 19
|
| Market capitalization: | C$995,450
|
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