Offering finances Gnaweeda Gold Project, Alexander River Gold Project
By Devika Patel
Knoxville, Tenn., Dec. 20 - Kent Exploration Inc. announced it settled the third and final tranche of a non-brokered private placement of units. The deal priced for C$1.08 million Nov. 16 and the company raised C$356,760 in the first tranche on Nov. 22. It raised C$304,800 in the second tranche on Dec. 10 and took in C$309,600 in the final tranche for a total of C$971,160.
The company sold a total of 8,093,000 units of one common share and one warrant at C$0.12 apiece. It sold 2,973,000 units in the first tranche, 2.54 million units in the second and 2.58 million units in the third tranche.
Each whole warrant is exercisable at C$0.18 for two years. The strike price reflects a 50% premium to the Nov. 15 closing share price of C$0.12.
Proceeds will be used for the Gnaweeda Gold Project in Western Australia, the company's Alexander River Gold Project in New Zealand and for general and corporate purposes..
The mineral explorer is based in Vancouver, B.C.
| Issuer: | Kent Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$971,160
|
| Units: | 8,093,000
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.18
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 22 (for C$356,760), Dec. 10 (for C$304,800), Dec. 17 (for C$309,600)
|
| Stock symbol: | TSX Ventures: KEX
|
| Stock price: | C$0.13 at close Nov. 16
|
| Market capitalization: | C$6.24 million
|
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