Business
Kings Bay Gold Announces amendments to $2,000,000 Private Placement
Kings Bay Gold Announces amendments to $2,000,000 Private Placement
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKings Bay Gold Announces amendments to $2,000,000 Private Placement\n\n\n Mar. 4, 2010 (TheNewswire.ca) -- Winnipeg, Manitoba - March 4th, 2010King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce, subject to regulatory approval, amendments to the previously announced non-brokered private placement of $2,000,000, as described in the press release of March 3, 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 such number of Class A Units at price of $0.07 per Class A Unit (the \"Flow-Through Subscription Price\"), and such number of Class B Units at price of $0.05 per Class B Unit (the \"Non-Flow-Through Subscription Price\"), for aggregate gross Offering Proceeds of up to $2,000,000, as the Company, in its sole discretion, shall determine.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 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 Issuer may issue non-transferable finder warrants equal to up to 10% of the Class \"A\" Units and Class \"B\" Units subscribed for through the registered dealers. Each finder warrant will entitle the holder to receive one Common share of the Issuer at an exercise price of $0.10 per finder warrant for a period of eighteen 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 B...