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Kaminak Gold (TSXV:KAM) announced the closing of a bought-deal private placement announced on February 18. Net proceeds will be used to fund exploration and development work at Kaminak’s Coffee project in Canada’s Yukon, and for general corporate and working capital purposes.
Kaminak Gold (TSXV:KAM) announced the closing of a bought-deal private placement announced on February 18. Net proceeds will be used to fund exploration and development work at Kaminak’s Coffee project in Canada’s Yukon, and for general corporate and working capital purposes.
As quoted in the press release:
The Company issued 12,223,000 common shares (“Common Shares”) at a price of $0.90 per Common Share and 8,696,000 common shares, which qualify as “flow-through” shares for purposes of the Income Tax Act (Canada) (“Flow-Through Shares”) at a price of $1.15 per Flow-Through Share, for aggregate gross proceeds to the Company of $21,001,100.
The Company intends to use the net proceeds from the sale of the Common Shares primarily to fund the exploration and development of the Company’s Coffee Gold Project (the “Coffee Gold Project”) located in Yukon, Canada and for general corporate and working capital purposes. The gross proceeds received by the Company from the sale of the Flow-Through Shares will be used to incur Canadian Exploration Expenses that are “flow-through mining expenditures” (as such terms are defined in the Income Tax Act (Canada)) on the Coffee Gold Project.
In connection with the Offering, the Underwriters received a cash commission on the sale of the Common Shares and the Flow-Through Shares, of up to 4.5% of the aggregate gross proceeds raised. The securities issued under the Offering are subject to a hold period which will expire four months and one day from the date of closing, being July 12, 2015.
Click here to read the Kaminak Gold (TSXV:KAM) press release
