By Sheri Kasprzak
New York, Jan. 31 - King's Bay Gold Corp. said it has negotiated a private placement for up to C$1.5 million.
The offering includes up to 4,838,709 flow-through or non flow-through units at C$0.31 each.
The flow-through units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.40 each for two years
The non flow-through units include one share and one warrant. The warrants are exercisable at C$0.40 each for two years.
Wellington West Capital Inc. is the placement agent.
The deal is slated to close in late February.
Proceeds will be used for exploration and development of the company's Rowan Mine.
Based in Winnipeg, Man., King's Bay is a gold exploration company.
| Issuer: | King's Bay Gold Corp.
|
| Issue: | Units of flow-through and non flow-through shares (flow-through units include one share and one half-share warrant; non flow-through units include one share and one warrant)
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| Amount: | C$1.5 million (maximum)
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| Units: | 4,838,709 (maximum)
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| Price: | C$0.31
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| Warrants: | One half-share warrant per flow-through unit; one warrant per non flow-through unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.40
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| Placement agent: | Wellington West Capital Inc.
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| Pricing date: | Jan. 31
|
| Stock symbol: | TSX Venture: KBG
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| Stock price: | C$0.32 at close Jan. 31
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