Non-brokered deal sells units of one share and one half-share warrant
By Devika Patel
Knoxville, Tenn., July 7 – K92 Mining Inc. said it plans a C$5 million non-brokered private placement of units.
The company will sell 5 million units of one common share and one half-share warrant at C$1.00 per unit.
Each whole warrant is exercisable at C$1.50 for one year. The strike price is a 36.36% premium to the July 6 closing share price of C$1.10.
Settlement is expected in July.
Proceeds will be used for general corporate purposes and to give the company enhanced optionality when completing the underground incline drive from Irumafimpa to Kora.
Based in Vancouver, B.C., K92 is a gold explorer.
| Issuer: | K92 Mining Inc.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | C$5 million
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| Units: | 5 million
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| Price: | C$1.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$1.50
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| Agent: | Non-brokered
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| Pricing date: | July 7
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| Settlement date: | July 31
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| Stock symbol: | TSX Venture: KNT
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| Stock price: | C$1.10 at close July 6
|
| Market capitalization: | C$4.83 million
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