Makena Resources Closes First Tranche of Private Placement

Makena Resources (TSXV:MKN) announced that it has closed the first tranche of a previously announced private placement. The first closing consisted of the issuance of a total of 10,400,000 common shares at a price of $0.025 per common share for gross proceeds of $260,000.00.

As quoted in the press release:
The Company issued 1,800,000 flow-through units raising a total of $45,000 flow-through funds and 8,600,000 non flow-through units raising a total of $215,000 hard dollar funds.
Each flow-through unit consists of one flow-through common share and one transferable share purchase warrant exercisable at $0.05 until July 6, 2020. Each non flow-through unit consists of one common share and one transferable share purchase warrant exercisable at $0.05 until July 6, 2020. The offering was conducted in accordance with the TSX Venture Exchange bulletins dated April 7, 2014, and November 17, 2014, regarding private placements — discretionary waivers of five-cent minimum pricing requirement. Proceeds of the offering are expected to be used toward accounts payable, related party payables and on exploration on the Patterson Uranium Prospect.

Negar Adam, president of Makena, commented:

We are pleased to complete the first tranche of the placement. We are planning to forward funds to start the upcoming planned drill program on the Patterson Uranium Prospect. Makena has not drilled this prospect yet and we are excited about the second half of 2015, especially in light of the Fission’ success, which we directly border, as well as NexGen, which is in our close proximity.

Click here to read the full Makena Resources (TSXV:MKN) press release.