Makena Resources Inc. (TSXV:MKN) has closed a non-brokered private placement of 7.9 million units at 5 cents per share to raise $395,000. Makena intends to use proceeds from the placement for general working capital.

As quoted in the press release:

Each unit consists of one common share and one transferrable share purchase warrant exercisable at a price of five cents until Aug. 21, 2018. The units in this private placement will have a hold period that expires on Dec. 22, 2014.

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