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K2 Gold Closes $3.59 Million Oversubscribed Private Placement
Vancouver, British Columbia--(Newsfile Corp. - February 1, 2023) - K2 Gold Corporation (TSXV: KTO...
About this update from K2 Gold Corporation
[{"type":"text","content":"K2 Gold Closes $3.59 Million Oversubscribed Private PlacementVancouver, British Columbia--(Newsfile Corp. - February 1, 2023) - K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF) (FSE: 23K) (\"K2\" or the \"Company\") is pleased to announce the closing of the non-brokered private placement financing as disclosed on January 09, 2023 by issuing a total of 23,976,500 units (\"Units\") at a price of C$0.15 per Unit (the \"Offering Price\"), for aggregate gross proceeds of C$3,596,475 (the \"Offering\").Each Unit will consist of one common share (a \"Share\") in the capital of the Company and one-half of one non-transferable common share purchase warrant (each whole common share purchase warrant being a \"Warrant\"). Each Warrant will be exercisable to acquire one Share at a price of C$0.30 per Share for a period until February 1, 2025.K2 intends to use the net proceeds raised from the Offering for exploration and advancement work on the company's Si2 Gold project located in Esmeralda County, Nevada, USA, ongoing permitting at the Mojave project, as well as for general working capital.The Company will pay finders fees in compliance with the policies of the TSX Venture Exchange and applicable securities legislation, to arm's length finders in connection with subscriptions from subscribers introduced by them, totaling $188,479.00 and 1,256,530 warrants exercisable for 24 months from the date of issuance to acquire common shares of the Company at an exercise price of $0.30 per share.Insiders of the Company acquired an aggregate of 1,033,667 Common Shares in the Offering, which participation constituted a \"related party transaction\" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceed 25% of the Company's market capitalization. As required by MI 61-101, the Company advises that it expects to file a material change report relating to the Offering less than 21 days from completion of the Offering, as the nature of the related party transaction is relatively immaterial, and was not necessary to complete the Of...