Kivalliq Energy Non-Brokered Financing of CDN$9.47 Million Closed

Kivalliq Energy Corporation (TSXV:KIV) closed the non-brokered private placement financing previously announced on January 30, 2012. Gross proceeds of CDN $9,472,350 were raised by issuing 19,972,444 common shares including 13,047,444 common shares at the price of CAD$0.45 per share and 6,925,000 common shares on a “flow-through” basis, pursuant to the Income Tax Act (Canada) (the “Flow-Through Shares”), at a price of CAD$0.52 per Flow-Through Share.

As quoted in the press release:

Net proceeds of the Offering will be used to explore Kivalliq’s high-grade Lac Cinquante uranium deposit, located within the Angilak Property in Nunavut Territory, Canada, and for general working capital purposes.
The securities issued by Kivalliq in connection with the Offering are subject to a four month “hold period” as prescribed by the TSX Venture Exchange and applicable securities laws. Insiders of the Company purchased 4,600,000 shares in the Offering. In aggregate, the Offering was subject to the following finders’ fees: $ 303,254 cash commission, 167,983 finders warrants with a strike price of $0.50, and 133,470 finders warrants with a strike price of $0.55.

Click here to read the Kivalliq Energy Corp. (TSXV:KIV) press release