King Resources negotiates private placement of stock for up to $8 million

By Sheri Kasprzak

New York, May 25 - King Resources, Inc. said it plans to head to the PIPE market with an offering for up to $8 million and at least $5 million.

The offering is being conducted to establish a presence in the Gulf of Mexico and in Romania. The company intends to use some of the proceeds to review exploratory opportunities in Australia, Turkey and Nigeria.

The pricing terms of the deal have not been determined, but the offering will include common shares and warrants.

In other news, King announced Thursday that it has acquired a 100% working interest in 2,700 acres in the Fayette Field located in Jefferson County, Miss.

Also, King entered into a joint venture agreement with Carpathian Energy Cos. to acquire a 50% interest in the Calinesti Field in Bucharest.

Austin, Texas-based King is an oil and natural gas exploration company.

On Thursday, the stock fell 12.5%, or 2.5 cents, to close at $0.175 (Pink Sheets: KING).

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