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King's Bay Gold Corporation announces closing of non brokered private placement financing
Jun. 27, 2011 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG)(the "Issuer") is ...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKing's Bay Gold Corporation announces closing of non brokered private placement financing\n\n Jun. 27, 2011 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG)(the \"Issuer\") is pleased to announce that it has closed a non-brokered private placement of 2,030,000 \"Non-Flow Through\" Units at a purchase price of $0.05, for gross subscription proceeds of $101,500.00, and 3,000,000 \"Flow Through\" Units at a subscription price of $0.05, for gross subscription proceeds of $150,000.00, for aggregate subscription proceeds of $251,500.00. The offering was made to subscribers resident in the Provinces of British Columbia, Alberta, Manitoba and Ontario.Each \"Non-Flow-Through\" Unit consisted of and separated immediately upon issuance into one Class \"A\" common share in the capital of the Company (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"). Each \"Flow-Through\" Unit consisted of and separated immediately upon issuance into one Common Share issued as a \"flow-through share\" within the meaning of the Tax Act and one-half Warrant (a \"Flow-Through Warrant\"). Each whole Warrant shall entitle its holder to acquire one Common Share at an exercise price of $0.10 per Common Share for a period of twenty four (24) months from its date of issue, all on the terms and subject to the conditions set forth in this Subscription Agreement. The Common Shares and Warrants issued in connection with this offering will be subject to a hold period of four months plus one day.The Issuer intends to make use of the proceeds from the sale of the Flow Through Units of this Offering for exploration and drilling initiatives for fiscal 2011 and in particular, the Menary Township Project, and use the proceeds from the sale of the Non Flow-Through Units for general working capital, corporate purposes and for the maintenance of its property claims.Macquarie Private Wealth Inc., Norstar Securities Limited Partnership, Fab Carella, and Canaccord Genuity Corp. were paid a cash finder's fee of 8% of the proceeds received from the sale of \"Non-Flow Through\" and \"Flow Through\" Units.The closing of this offering is subject to the final approval of the TSX Venture Exchange Inc.About King's Bay Gold Corporation (TSXV:KBG) King's Bay Gold Corporation is a very active Canadian mineral exploration and development company with minera...