Offering will fund acquisitions, general and administrative expenses
By Devika Patel
Knoxville, Tenn., June 9 – King's Bay Gold Corp. said it plans a C$1 million private placement of units. The company also plans a share consolidation on the basis of 10 pre-consolidation shares for one post-consolidation share.
The company will sell 6,666,666 units of one post-consolidation common share and one half-share warrant at C$0.15 per unit. Each whole two-year warrant is exercisable at C$0.25.
Proceeds will be used for acquisitions, general and administrative expenses.
Based in Winnipeg, Man., King's Bay is a gold exploration company.
| Issuer: | King's Bay Gold Corp.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$1 million
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| Units: | 6,666,666
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| Price: | C$0.15
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.25
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| Pricing date: | June 9
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| Stock symbol: | TSX Venture: KBG
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| Stock price: | C$0.01 at close June 8
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| Market capitalization: | C$992,270
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