Business
K2 Gold Closes Oversubscribed Private Placement and Raises $3,500,000
VANCOUVER, British Columbia, Aug. 27, 2019 (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, Aug. 27, 2019 (GLOBE NEWSWIRE) -- K2 Gold Corporation (the \"Company\" or \"K2 Gold\", TSX-V: KTO) is pleased to announce that further to its news release on August 2, 2019, the Company has now closed an oversubscribed private placement for gross proceeds of $3,500,000. In connection with the current placement, the Company will issue 14,000,000 units (each, a “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 $0.40 per share for a period of twenty-four (24) 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 $0.50 or more for a period of ten consecutive trading days. Steve Swatton, CEO of K2, commented: “We are extremely encouraged by the positive response by existing and new shareholders to the recent announcement of this private placement. Both the Yukon and US projects will be sufficiently financed and we look forward to adding value by targeted exploration over the next 12 months.” 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 1,230,000 Units in connection with the placement. Finder’s fees of 694,800 common shares will be issued in relation to closing of the placement. 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 43,866,634 common shares issued and outstanding. K2 intends to use the net proceeds from the Private Placement for exploration activity on the Company’s portfolio of projects and for general working capital purposes. K2 is a gold exploration company focused on projects in the Yukon, Alaska and SW USA. For additional information please contact Stephen Swatton at 604-331-5093. On behalf of the Board of Directors, “Stephen Swatton”President and CEOK2 Gold Corporation Forward-Looking Caution: This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve r...