Business
Kingfisher Announces Private Placement of up to $3.0 Million
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ...
About this update from Kingfisher Metals Corp
[{"type":"text","content":"Kingfisher Announces Private Placement of up to $3.0 MillionNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / May 15, 2023 / Kingfisher Metals Corp. (TSXV:KFR) (FSE:970) (OTCQB:KGFMF) (\"Kingfisher\" or the \"Company\") is pleased to announce a non-brokered private placement of charity flow-through units (the \"Charity FT Units\") at a price of $0.12 per Charity FT Unit and flow-through units (the \"FT Units\" and, collectively with the Charity FT Units, the \"Offered Units\") at a price of $0.10 per FT Unit for aggregate gross proceeds of up to $3.0 million (the \"Offering\").Each Offered Unit will consist of one flow-through common share and one half of one transferable non-flow-through common share purchase warrant (each whole such common share purchase warrant, a \"Warrant\"). Each Warrant will be exercisable to acquire one additional non-flow-through common share of the Company for 24 months from the closing date of the Offering at an exercise price of $0.15.The Offering will be made by way of private placement in each of the provinces of Canada pursuant to applicable exemptions from the prospectus requirements.The Company will use an amount equal to the gross proceeds received by the Company from the sale of the Offered Units, pursuant to the provisions in the Income Tax Act (Canada) (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.The Offering is expected to close on or about June 8, 2023 and is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, acceptance of the TSX Venture Exchange. The Offered Securities will be subject to a hold period of four months and one day from the closing date of the Offering in accordance with applicable securities laws.In connection with the Offe...