By Laura Lutz
Des Moines, April 25 - Kinbauri Gold Corp. raised C$761,000 from the final tranche of a C$15,965,962 private placement that included an exercised over-allotment option for C$2,465,612.
The C$13.5 million main placement included 27 million subscription receipts at C$0.50 apiece.
The over allotment consisted of 4,402,878 subscription receipts at C$0.56 apiece.
M-Partners Inc. and Clarus Securities Inc. were the agents.
The first tranche closed on March 30 for C$9.05 million, and the second closed on April 5 for C$3.689 million.
Each subscription receipt will be automatically exchanged into a unit upon final regulatory approval of a planned property acquisition.
Each unit will consist of one share and one half-share warrant with each whole warrant exercisable at C$0.70 until Sept. 30, 2008.
If the acquisition is not completed by July 30, the proceeds of the placement will be returned to the subscribers.
Otherwise, the proceeds will be used to fund the acquisition, exploration and drilling, feasibility studies, mill and mine maintenance, and working capital.
Kinbauri is a mineral exploration and development company based in Ottawa.
| Issuer: | Kinbauri Gold Corp.
|
| Issue: | Subscription receipts exchangeable for units of one share and one half-share warrant
|
| Amount: | C$15,965,962 (including greenshoe for C$2,465,612)
|
| Subscription receipts: | 31,402,878
|
| Price: | C$0.50 for 27 million; C$0.56 for 4,402,878
|
| Warrants: | One half-share warrant per unit upon exchange
|
| Warrant expiration: | Sept. 30, 2008
|
| Warrant strike price: | C$0.70
|
| Agents: | M-Partners Inc., Clarus Securities Inc.
|
| Settlement date: | April 25
|
| Stock symbol: | TSX Venture: KNB
|
| Stock price: | C$0.72 at close April 25
|
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