Business
King Announces Closing of Private Placement
(via TheNewswire) Vancouver, B.C. - TheNewswire - May 20, 2020 - King Global Vent...
About this update from King Global Ventures Inc.
[{"type":"text","content":"King Announces Closing of Private Placement(via TheNewswire)\n \n \nVancouver, B.C. - TheNewswire - May 20, 2020 - King Global Ventures, Inc. (\"King\" or the \"Company\") (TSXV:KING) (OTC:MDLXF) (FSE:5LM1) reports that it has closed its private placement announced on May 6, 2020 and has issued 40 million units at $0.015 per unit for gross proceeds of $600,000.\n\n\n \nEach unit of the offering comprises one common share of the Company and one share purchase warrant. Each warrant will entitle the holder to acquire one additional share in the capital of the Company at a price of five cents per warrant for a period of two years from closing, subject to the Company's option to accelerate expiry in the event that the shares close at, or above, $0.07 for 10 consecutive trading days.\n\n\n \nThe pricing of the offering is in reliance of the temporary relief measures established by the TSX-V on April 8, 2020. \n\n\n \nThe proceeds from the offering will be used for general working capital, repayment of arms-length debt of approximately $84,000 and for resource project evaluation and acquisitions. None of the funds will be utilized to pay for management fees, to related parties or for investor relations activities. \n\n\n \nIn connection with the financing, the Company has paid cash of $11,940 to certain member firms and has issued a total of 2,656,000 finders' warrants. Each finder's warrant may be exercised to acquire a share at five cents for six months.\n\n\n \nThe securities issued pursuant to the private placement will be subject to a four-month hold period expiring September 20, 2020. Mr. John F. Cook, President and a director of the Company, subscribed for 5,000,000 units for proceeds of $75,000. Insider participation in the private placement is a related party transaction within the meaning of Multilateral Instrument 61-101. The Company has determined that the transaction is exempt from formal valuation and minority shareholder approval requirements of MI 61-101 because neither the fair market value of any shares issued to or the consideration paid by insiders exceeded 25 per cent of the Company's market capitalization.\n\n\n \nAbout King Global Ventures Inc.\n\n\n \nKing's Nicaragua Gold/Copper Project is joint-ventured with TSX listed Calibre Mining Corp. (TSX-CXB). \n\n\n \nContact\n\n\n \nFor further information, contact Jo...