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K9 Gold Announces Closing of Non Flow Through Portion of Private Placement Backed by Palisades Goldcorp and Funds Managed by Sprott Asset Managment LLP
Vancouver, British Columbia--(Newsfile Corp. - February 9, 2021) - K9 Gold Corp. (TSXV: KNC) ...
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[{"type":"text","content":"K9 Gold Announces Closing of Non Flow Through Portion of Private Placement Backed by Palisades Goldcorp and Funds Managed by Sprott Asset Managment LLPVancouver, British Columbia--(Newsfile Corp. - February 9, 2021) - K9 Gold Corp. (TSXV: KNC) (FSE: 5GP) (OTC Pink: WDFCF) (\"K9\" or the \"Company\") is pleased to announce it has closed the first tranche (the \"First Tranche\") of its non-brokered private placement (the \"Private Placement\") first announced on January 22, 2021. An increase in the size of the Private Placement was announced on February 1, 2021.The First Tranche consisted of 2,855,000 non flow through units (the \"NFT Units\") at a price of $0.30 per NFT Unit for proceeds of $856,500. Each NFT Unit is comprised of one common share and one share purchase warrant exercisable for a period of three years at a price of $0.40 per common share until February 4, 2024. The number of NFT Units issued exceeded that anticipated in the February 1, 2021 news release by 55,000 NFT Units. A syndicate led by Palisades Goldcorp Ltd. purchased a total of 1,600,000 of the NFT Units in the First Tranche.The Company anticipates closing the second tranche (the \"Second Tranche\") of the Private Placement, which will consist of 8,600,000 flow through units (the \"FT Units\") at a price of $0.35 per FT Unit on or about February 19, 2021. Each FT Unit will be comprised of one flow through common share and one common share purchase warrant exercisable for a period of three years at a price of $0.40 per common share.Funds managed by Sprott Asset Management LLP have agreed to purchase 2,857,143 FT Units of the Private Placement. Total gross proceeds of the Private Placement (both the First Tranche and the Second Tranche in the aggregate) are expected to be up to $3,866,500.Proceeds from the Private Placement will be used for drilling and exploration on the Stony Lake East Gold Project.The NFT Units issued in the First Tranche are subject to a four month hold period expiring on June 5, 2021.Cash finder's fees of 8% totaling $14,640 were payable on a portion of the NFT Units comprising the First Tranche.About Palisades GoldcorpPalisades Goldcorp is Canada's resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resour...