Kootenay Silver Closes First Tranche of Non-brokered Private Placement

Kootenay Silver Inc. (TSXV:KTN) announced that it’s closed the first tranche of a previously announced non-brokered private placement, issuing 3,586,500 units priced at $0.30 each to raise $1,075,950.
As quoted in the press release:

The Company anticipates closing the balance of the Private Placement shortly and will provide an update in due course.
Each Unit consists of one common share (“Common Share”) and one transferable share purchase warrant (“Warrant”) of Kootenay. Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.55 until August 10, 2017.   Upon approval by the TSX Venture Exchange, cash finder’s fees to arm’s length parties totaling $7,110 and the issuance of 96,000 finders units (the “Finders Units”), have been paid on this portion of the Private Placement.  The Finders Units consist of one Common Share and one non-transferable common share purchase Warrant. All securities issued in connection with the Private Placement are subject to a hold period which expires on December 11, 2015.
The net proceeds from the Private Placement will be used to finance additional work on Kootenay’s Promontorio property, which includes the new La Negra Breccia discovery, its other properties and for general working capital.

Click here to read the full Kootenay Silver Inc. (TSXV:KTN) press release.