Business
Kingfisher Announces Closing of Private Placement Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISEMMINATION IN THE UNITED STATES VANCOUVE...
About this update from Kingfisher Metals Corp
[{"type":"text","content":"Kingfisher Announces Closing of Private Placement FinancingNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISEMMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / August 3, 2023 / Kingfisher Metals Corp. (TSXV:KFR)(FSE:970)(OTCQB:KGFMF) (\"Kingfisher\" or the \"Company\") is pleased to announce that, further to the Company's news releases dated May 15, 2023 and July 17, 2023, it has closed its private placement financing (the \"Offering\") for gross proceeds of approximately C$2.8 million through the issuance of 21,632,450 charity flow-through units at a price of C$0.12 per charity flow-through unit and 2,325,000 flow-through units at a price of C$0.10 per flow-through unit of the Company (collectively, the \"Offered Units\").Each Offered Unit is comprised of one common share of the Company (each, a \"Common Share\") and one-half of one common share purchase warrant (each whole warrant, a \"Warrant\"), each of which will qualify as \"flow-through shares\" as defined in subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\"). Each Warrant is exercisable for one Common Share at an exercise price of C$0.15 per Common Share at any time up to 24 months following the closing date of the Offering.The aggregate gross proceeds raised from the Offering will be used, pursuant to the provisions in the Tax Act to incur, directly or indirectly, expenses (\"Qualifying Expenditures\") related to the Company's projects in British Columbia, on or before December 31, 2024, that are eligible \"Canadian exploration expenses\" (as defined in the Tax Act), which will qualify as \"flow-through critical mineral mining expenditures\" (as defined in the Tax Act) and \"BC flow-through mining expenditures\" as defined in the Income Tax Act (BC). The Company will renounce all the Qualifying Expenditures in favour of the applicable subscribers of the Offered Units effective December 31, 2023.In connection with the Offering, commissions on the sale of the Offered Units were paid to eligible finders (the \"Finders\") in accordance with the policies of the TSX Venture Exchange and applicable securities law. The Company paid an aggregate of C$9,059.45 in cash commissions and issued 45,000 finder warrants (the \"Finder Warrants\") to the Finders. Each Finder Warrant entitles the holder thereof to acquire one Common Share at a price of C$0.15 at...