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Kings Bay Gold Announces a $2,000,000 Private Placement
Kings Bay Gold Announces a $2,000,000 Private Placement
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKings Bay Gold Announces a $2,000,000 Private Placement\n\n\n Mar. 3, 2010 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce, subject to regulatory approval, a non-brokered private placement of $2,000,000 which is anticipated to close on April 15th, 2010. The Units comprising this non-brokered private placement will be offered to subscribers resident in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. This non-brokered private placement will be comprised of up to 22,857,143 Class A Units at price of $0.07 per Class A Unit (the \"Flow-Through Subscription Price\") for gross proceeds of up to $1,600,000, and up to 8,000,000 Class B Units at price of $0.05 per Class B Unit (the \"Non-Flow-Through Subscription Price\") for gross proceeds of up to $400,000, for an aggregate of up to 30,857,143 Units and for aggregate gross Offering Proceeds of up to $2,000,000.Each Class A Unit is comprised of one flow-through common share and one half (1/2) of one non-flow-through common share purchase warrant that can be exercised to purchase one common share upon payment $0.10 for a period of 18 months following the date of issuance. Each Class B Unit is comprised 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 $0.10 for a period of 18 months following the date of issuance. A finder's fee equal to 8 % 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 non-brokered private placement will be subject to a minimum hold period of four-months plus one day.King's Bay Gold proposes to utilize the flow-through proceeds from the subscription for the Class A Units of this non-brokered private placement for the ongoing exploration and development of its joint-ventured Bobjo Mine gold / rare earths project and its other projects. The non-flow-through proceeds from the subscription for Class B Units will be used as working capital for general corporate purposes.About Kings Bay GoldKing'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. The Corporation is a very active Canadian mineral exploration comp...