Business
King's Bay Gold Corporation announces closing of Non – Brokered Financing
(via Thenewswire.ca) December 22, 2011 - Winnipeg, MB - King's Bay Gold Corporation (TSX-V:...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKing's Bay Gold Corporation announces closing of Non – Brokered Financing\n\n(via Thenewswire.ca)\n\n \nDecember 22, 2011 - Winnipeg, MB - King's Bay Gold Corporation (TSX-V:\nKBG) (the \"Issuer\") is pleased to announce that it has\nclosed the non-brokered private placement that was initially announced\non November 14th, 2011 (as amended and clarified as described in press\nreleases dated December 2nd, 2011 and December 20th, 2011). A total\nof 3,570,000 Class A Units and 3,290,000 Class B Units (as described\nbelow) were sold to subscribers resident in the Provinces of British\nColumbia, Ontario, Quebec, New Brunswick and Newfoundland at a\npurchase price of $0.05 per Class A Unit and $0.05 per Class B Unit\nfor gross proceeds of $343,000.00.\n\n\n \nEach Class \"A\" Unit was comprised of one Class \"A\"\nCommon Share of the Issuer (a \"Common Share\"), issued as a\n\"flow through\" share for the purposes of The Income Tax Act\n(Canada) (a \"Flow Through Share\") and one whole Common Share\npurchase warrant (a \"Warrant\") of the Issuer. Each Class\n\"B\" Unit was comprised of one Common Share and one whole\nWarrant. Each whole Warrant may be exercised to purchase one Common\nShare upon payment of $0.10 per Common Share for a period of 24 months\nfollowing the date of issuance.\n\n\n \nA finder's fee of $8,240.00 was paid to one registered dealer for\nservices rendered in introducing certain subscribers to the offering.\nIn addition, the Issuer issued 164,800 finders warrants (equivalent to\n8% of the number of Class A and Class B units subscribed for through\nthis non-brokered private placement offering (the \"Finders\nWarrants\")). Each Finders Warrant entitles the holder to purchase\none Common Share for an exercise price of $0.10 for a period of 24\nmonths following the date of issuance.\n\n\n \nThe closing of this non-brokered private placement is subject to the\napproval of the TSX Venture Exchange Inc. The shares issued in\nconnection with this non-brokered private placement will be subject to\na hold period of four months plus one day.\n\n\n \nThe Issuer intends to make use of the proceeds from the sale of the\nClass \"A\" Units of this Offering for exploration and\ndrilling initiatives on its various property claims for fiscal 2012,\nnotably the Menary Gold Project located in the Townships of Menary...