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Kapuskasing Gold (TSXV:KAP) has closed its previously announced private placement for gross proceeds of $200,962. Proceeds of the offering will be used for the company’s summer 2015 exploration program.
Kapuskasing Gold (TSXV:KAP) has closed its previously announced private placement for gross proceeds of $200,962. Proceeds of the offering will be used for the company’s summer 2015 exploration program.
As quoted in the press release:
Net proceeds of the private placements will be used for the Company’s summer 2015 exploration program, which is underway, and general working capital. The initial focus is on the Borden North area followed by Rollo property, which returned a number of high-grade gold surface samples from work in late 2014. The company’s Borden North property is located 46 kilometres northeast of the Borden Lake gold deposit recently acquired by Goldcorp in a similar geological setting. Mike Tremblay, who co-discovered the Borden gold deposit, will conduct KAP’s exploration program (see news release May 14, 2015, “Kapuskasing Gold begins Second Phase Exploration at Borden North”)
Each NFT Unit will consist of one common share in the capital of the Company and one common share purchase warrant. Each purchase warrant will be exercisable into one common share at 10 cents for a period of 24 months from the closing of the financing.
Each FT unit will consist of one common share issued on a flow-through basis within the meaning of the Income Tax Act (Canada) and one purchase warrant exercisable at 10 cents into one common share of the Company for a period of 24 months from the closing of the financing.
Click here to read the Kapuskasing Gold (TSXV:KAP) press release