Resource News

Kaminak Gold (TSXV:KAM) has announced a non-brokered private placement to Electrum Strategic Opportunities Fund. Existing shareholders Ross Beaty, Zebra Holdings and Investments S.à.r.l., Luxembourg will also participate in the financing.

Kaminak Gold (TSXV:KAM) has announced a non-brokered private placement to Electrum Strategic Opportunities Fund. Existing shareholders Ross Beaty, Zebra Holdings and Investments S.à.r.l., Luxembourg will also participate in the financing.
As quoted in the press release:

Following the closing of the private placement, Electrum will have the right to nominate one person to the Company’s board of directors and a right to participate in any future proposed equity offering of the Company in order to maintain its pro rata shareholding, subject to certain exceptions.  These rights can only be exercised by Electrum if it owns more than a 5% interest in the Company.
Each Unit to be issued in the private placement will consist of one common share in the capital of the Company (a “Unit Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Unit Warrant”). Each Unit Warrant will entitle the holder thereof to purchase one common share at a price of C$1.05 for a period of 2 years following the closing of the Offering. In the event that following 4 months and one day after the closing date, the volume weighted average trading price of the Company’s common shares on the Toronto Stock Exchange Venture (the “TSXV”) for a period of 10 consecutive trading days exceeds C$1.35, the Company may accelerate the expiry date of the Unit Warrants.
All securities issued in the private placement will be subject to a statutory four month hold period. Closing of the private placement is subject to negotiation and execution of definitive documentation and receipt of all regulatory approvals, including approval of the TSX Venture Exchange.
The net proceeds of the private placement will be used to continue exploration and development of Kaminak’s Coffee Gold Project in Yukon.

Kaminak president and CEO, Eira Thomas, said:

Kaminak is very pleased to be welcoming Electrum as a significant new shareholder in conjunction with a financing that renews and builds upon the support of our existing strong shareholder base.  These funds ensure that our Coffee Gold Project stays on the fast track right through to construction, targeted for 2018, in support of Kaminak’s larger goal of becoming a Yukon gold producer by 2019.

Click here for the full press release.

MARKETS

Markets
TSX19078.64-144.10
TSXV626.34-18.57
DOW31029.31+82.32
S&P 5003818.83-2.72
NASD11177.89-3.65
ASX6763.60+57.60

COMMODITIES

Commodities
Gold1819.01+0.44
Silver20.78-0.04
Copper3.77-0.01
Palladium1973.50+104.50
Platinum918.00+8.00
Oil109.41-2.35
Heating Oil3.94-0.17
Natural Gas6.47-0.10

DOWNLOAD FREE REPORTS

×