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K92 Mining (TSXV:KNT) has announced it has closed the non-brokered private placement of 13,333,333 units at $0.75 per unit for proceeds of $10 million. As quoted in the press release: All securities issued pursuant to the Financing are subject to a four month hold expiring July 22, 2017. Use of proceeds are intended to include …
K92 Mining (TSXV:KNT) has announced it has closed the non-brokered private placement of 13,333,333 units at $0.75 per unit for proceeds of $10 million.
As quoted in the press release:
All securities issued pursuant to the Financing are subject to a four month hold expiring July 22, 2017. Use of proceeds are intended to include grade control, expansion and exploration drilling, work on the underground incline drive to Kora and for general corporate purposes.
Each Unit consists of one Common share (a “Share”) and one Common share purchase warrant (a “Warrant”). Each Warrant will allow the holder to purchase one Common share of K92 at a price of $1.00 for a period of 12 months from the date of issuance.
In connection with the Financing and subject to TSXV approval, K92 intends to pay a finder’s fees of an aggregate of 1,053,333 Shares and 1,053,333 Warrants (exercisable at $1.00 for a period of 12 months) to various finders.
