By Sheri Kasprzak
Atlanta, Oct. 27 - White Knight Resources Ltd. received C$2.37 million in a private placement agreement, the company said Wednesday.
White Knight sold 1.5 million units of one share and one share purchase warrant to Teck Cominco American Inc. at C$1.58 per unit.
The warrants are good for one year at a price of C$2.50 per share.
In its agreement with TCAI, White Knight also granted the company the option to earn an initial 51% interest in the company's Fye gold property in Eureka County, Nev. According to the terms of the agreement, TCAI will provide exploration expenditures of $4 million and cash payments of $750,000 to White Knight's U.S. subsidiary before Dec. 31, 2008. TCAI has agreed to pay $500,000 in exploration expenditures by Dec. 31, 2005.
White Knight is a Vancouver, B.C.-based gold exploration company.
| Issuer: | White Knight Resources Ltd.
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| Issue: | Units of one share and one share purchase warrant
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| Amount: | C$2.37 million
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| Shares: | 1.5 million units
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| Price: | C$1.58 per unit
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$2.50
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| Investors: | Teck Cominco American Inc.
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| Settlement date: | Oct. 26
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| Stock price: | C$1.09 at close Oct. 26
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