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King's Bay Gold Announces a $600,000 Private Placement
King's Bay Gold Announces a $600,000 Private Placement
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKing's Bay Gold Announces a $600,000 Private Placement\n\n\n Sep. 14, 2009 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce, subject to regulatory approval, a non-brokered private placement of $600,000 which is anticipated to close on or before October 5th, 2009. 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 3,750,000 Class A Units at price of $0.08 per Class A Unit (the \"Flow-Through Subscription Price\") for gross proceeds of up to $300,000, and up to 3,750,000 Class B Units at price of $0.08 per Class B Unit (the \"Non-Flow-Through Subscription Price\") for gross proceeds of up to $300,000, for an aggregate of up to 7,500,000 Units and for aggregate gross Offering Proceeds of up to $600,000.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 $0.12 for a period of 24 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 24 months following the date of issuance. A finder's fee equal to 10 % of the subscription proceeds may be paid to registered dealers for services rendered in introducing certain subscribers to the offering. In addition to the finder's fee, the Company may issue non-transferable broker warrants, equal up to 10 % of the Class A and Class B Units subscribed for. Each broker warrant will entitle the holder to receive one common share of the Company at an exercise price of $0.12 per share, for a period of 24 months following the date of issuance. 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 rare earths / gold project and its other projects. The non-flo...