Business
K2 Gold Closes Oversubscribed Private Placement and Raises $1,066,500
VANCOUVER, British Columbia, June 08, 2018 (GLOBE NEWSWIRE) -- K2 Gold Corporation (the "Company" or "K2 Gold") (TSX-V:KTO) is pleased to announce that further
About this update from K2 Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, June 08, 2018 (GLOBE NEWSWIRE) -- K2 Gold Corporation (the \"Company\" or \"K2 Gold\") (TSX-V:KTO) is pleased to announce that further to its news release on May 10, 2018, the Company has now closed an oversubscribed private placement for gross proceeds of $1,066,500, representing an over subscription of 42%. In connection with the current placement, the Company will issue 3,882,000 non-flow-through units (each, a “NFT Unit”) at a price of $0.25, consisting of one common share and one-half-of-one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.37 per share for a period of twelve (12) months. The common share purchase warrants are subject to acceleration at the Company’s discretion in the event the Company’s common shares trade on a volume weighted average price (VWAP) basis of $0.60 or more for a period of ten consecutive trading days. The Company will also issue 320,000 flow-through units (each, a “FT Unit”) at a price of $0.30, consisting of one common share and one-half-of-one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.45 per share for a period of twelve (12) months. The common share purchase warrants are subject to acceleration on the same terms as the NFT Unit warrants. The securities issued by K2 Gold in connection with the private placement will be subject to a four month hold period from the date of issuance as prescribed by applicable securities laws. Insiders subscribed for 402,000 Units in connection with the placement. Finder’s fees of $35,010.00 and 136,200 broker’s warrants will be issued in relation to closing of the placement on the same terms as the NFT and FT warrants. The issuance of securities in connection with the closing of the placement is subject to TSX approval. Following issuance of securities related to this placement, K2 Gold will have 23,183,787 common shares issued and outstanding. About K2 Gold Corporation K2 Gold Corporation is a junior mineral exploration company focused on building a portfolio of gold exploration projects in the Yukon and Alaska, including the Wels Property located approximately 185 km south of Dawson City, Yukon. In addition to Wels the Company is conducting exploration at the Flume, Storck, Ladue, and McArthur Cr...