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Kivalliq Energy Corporation (TSXV:KIV) announced a non-brokered private placement financing in order to raise gross proceeds of C$1.1 Million. The company intends to use the net proceeds of the offering to fund mineral exploration in Saskatchewan and the Nunavut Territory, Canada.
Kivalliq Energy Corporation (TSXV:KIV) announced a non-brokered private placement financing in order to raise gross proceeds of C$1.1 Million. The company intends to use the net proceeds of the offering to fund mineral exploration in Saskatchewan and the Nunavut Territory, Canada. Eligible exploration expenditures will constitute “Canadian Exploration Expenses” and “Flow-Through mining expenditures”, as defined in the Income Tax Act (Canada) which can be renounced to purchasers of the FT Shares for the 2014 taxation year.
As quoted in the press release:
Kivalliq intends to raise the funds by issuing up to 5,000,000 units (“Units”), at the price of CAD$0.22 per Unit (the “Offering”). Each Unit consists of one common share issued on a “flow-through basis” (a “FT Share”) pursuant to the Income Tax Act (Canada) and one-half of one non-transferable non-flow-through common share purchase warrant (a “Warrant”). Each whole Warrant will be exercisable into a non-flow-through common share of Kivalliq (a “Warrant Share”) for a period of 24 months from the Closing Date at an exercise price of $0.28.
Click here to read the Kivalliq Energy Corporation (TSXV:KIV) press release
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