Business
King’s Bay Gold Announces Non-Brokered Private Placement
(via Thenewswire.ca)
About this update from Lion Rock Resources Inc
[{"type":"text","content":"King’s Bay Gold Announces Non-Brokered Private Placement\n\n(via Thenewswire.ca)\nNovember 4 2008 - King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce, subject to regulatory approval, a non-brokered private placement of 8,000,000 non-flow-through Class A Units at a price of $0.05 per Unit for proceeds of up to $400,000.00, and 1,250,000 flow-through Class B Units at a price of $0.08 per Unit for proceeds of up to $100,000.00, and for aggregate subscription proceeds of up to $500,000.00. The Units will be offered to subscribers resident in Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia. This offering is anticipated to close on or before November 20th, 2008.\n\nEach Class A Unit will consist of one non-flow-through common share and one non-flow-through common share purchase warrant that can be exercised to purchase one common share upon payment of $0.10 on or before 24 months following the date of issuance. Each Class B Unit will consist of one flow-through common share and one non-flow-through common share purchase warrant that can be exercised to purchase one common share upon payment of $0.20 on or before 24 months following the date of issuance. A finder's fee equal to 7 % of the subscription proceeds may be paid to registered dealers for services rendered in introducing certain subscribers to the offering. The shares issued in connection with this offering will be subject to a four-month plus one-day hold period.\n\nKing's Bay Gold Corporation intends to utilize the proceeds from this non-brokered private placement for the ongoing exploration and development of its joint-ventured Bobjo Mine Property, and at its other projects, and for general working capital purposes and the maintenance of its property claims.\n\nAbout Kings Bay Gold\n\nKing's Bay Gold is unique in the industry in that it owns most of the equipment required to carry out the various phases of exploration. This includes diamond drills, bulldozers and other exploration equipment, which gives the company the ability to quickly adjust work programs as exploration results are realized and company strategies change. The Corporation is a very active and well financed Canadian mineral exploration company with mineral projects strategically located in Canada's gold camps. Strategic properties include - (i) a property located directly a...