Business
Kingman Minerals Ltd. Announces Closing of 1st Tranche of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 2, 2025) - Kingman Minerals Ltd. (TSXV:...
About this update from Kingman Minerals Ltd.
[{"type":"text","content":"Kingman Minerals Ltd. Announces Closing of 1st Tranche of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - September 2, 2025) - Kingman Minerals Ltd. (TSXV: KGS) (OTCQB: KGSSF) (FSE: 47A1) (\"Kingman\" or the \"Company\") is pleased to announce that, it has closed the first tranche of its previously announced non-brokered equity financing (the \"Offering\"), consisting of the issuance of an aggregate of 7,136,471 Units at a price of $0.07 per Unit for aggregate gross proceeds of $499,553.Kingman will pay a cash finder's fee of $4,620 and issue 66,000 non-transferable finder's warrants (the \"Finder Warrants\") to arm's length finders in connection with this initial closing tranche. Each Finder Warrant entitles the holder thereof to acquire one common share in the capital of the Company at an exercise price of $0.09 per share until September 2, 2027.This first tranche is part of an upsized non-brokered private placement previously announced on August 27, 2025, consisting of the issuance of up to 8,757,143 units of the Company (each, a \"Unit\") at a price of $0.07 per Unit (the \"Unit Price\") representing aggregate gross proceeds of approximately $613,000. The net proceeds of the private placement are intended to be used for general working capital and to advance the Company's flagship Mohave Project, inclusive of the historic Rosebud Mine in Arizona. Planned expenditures include preparation of an NI 43-101 compliant technical report, updating and optimizing the previously permitted drill plan, re-applying for drill permits, and related exploration preparation activities. The Company expects to close the Second Tranche for the balance of the private placement on or about September 10, 2025.All securities issued pursuant to the Private Placement will be subject to a statutory hold period of four months from the date of issuance. Closing the Second Tranche of the Private Placement is subject to receipt of all necessary regulatory approvals. Kingman may pay finders' fees in connection with the balance of Private Placement and in accordance with the policies of the TSX Venture Exchange.Related Party TransactionIn connection with the closing of the first tranche of the Offering, insiders of the Company subscribed for 2,516,826 Units representing gross proceeds of $176,177.82.Each subscription under the Fin...