Knick Exploration Arranges $500,000 Private Placement

Knick Exploration (TSXV:KNX) announced it intends to undertake a non-brokered private placement with accredited investors. The placement consists of a maximum of 500 units for a total amount of $500,000. Each unit, offered at a price of $1,000, will consist of 4,000 common shares at five cents each, 16,000 flow-through shares at five cents each and 20,000 warrants. Each warrant will entitle its holder to purchase one common share at a price of eight cents in the 12 months following the closing.
The drilling campaign will be focused on two objectives: the West gold zone extension toward the Marban gold deposit, which represents more than 300 metres of untested strike length of ground; and establishing a National Instrument 43-101-compliant resource before year-end.
The program will include confirming gold grade, thickness and consistency of known gold concentrations within the West zone. High-priority targets have been selected from the completed phase I compilation, the integration of its drilling data from 2009 to 2011 with historical drilling data, as well as access to 3-D modelling, which has given Knick a better understanding of the gold system’s geometry and has resulted in a series of grade-length and metal-factor-grade scenarios that were not previously apparent. The West gold zone is open along strike and at depth.
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