By Sheri Kasprzak
New York, Feb. 28 - King's Bay Gold Corp. said it concluded its previously announced private placement for C$2,791,271.
The company issued 7,429,000 flow-through units at C$0.31 apiece and 1,575,100 non flow-through units at C$0.31 each.
Each flow-through unit includes one share and one half-share warrant. The non flow-through units include one share and one warrant.
Each warrant is exercisable at C$0.40 each for two years.
The deal priced on Jan. 31 as a C$1.5 million deal and was upsized to C$3 million on Feb. 1.
Wellington West Capital Inc. was the placement agent.
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)
|
| Amount: | C$2,791,271
|
| Units: | 9,004,100
|
| Price: | C$0.31
|
| Warrants: | One half-share warrant per flow-through unit; one warrant per non flow-through unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Placement agent: | Wellington West Capital Inc.
|
| Pricing date: | Jan. 31
|
| Upsized: | Feb. 1
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| Settlement date: | Feb. 28
|
| Stock symbol: | TSX Venture: KBG
|
| Stock price: | C$0.32 at close Jan. 31
|
| Stock price: | C$0.31 at close Feb. 1
|
| Stock price: | C$0.33 at close Feb. 28
|
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