Business
Kings Bay Gold Corporation announces closing of non brokered private placement financing
Dec. 31, 2010 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG)(the "Issuer") is ...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKings Bay Gold Corporation announces closing of non brokered private placement financing\n\n\n Dec. 31, 2010 (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 4,000,000 Class \"A\" Units at a purchase price of $0.11, for gross subscription proceeds of $440,000.00, and 4,000,000 Class \"B\" Units at a subscription price of $0.09, for gross subscription proceeds of $360,000.00, for maximum subscription proceeds of $800,000.00. The offering was made to subscribers resident in the Provinces of Ontario, Manitoba and British Columbia.Each Class \"A\" Unit is comprised of one Common Share of the Issuer (a \"Common Share\"), issued as a \"flow through\" share for the purposes of The Income Tax Act (Canada)(a \"Flow Through Share\") and one half of one Common Share purchase warrant (a \"Warrant\") of the Issuer. Each Class \"B\" Unit is comprised of one Common Share and one half of one Warrant. Each whole Warrant entitles the holder to purchase one Common Share for an exercise price of $0.13 for a period of 24 months following the date of issuance. The Common Shares, and Common Shares issuable on due exercise of the Warrants, are subject to a four month plus one day hold period.The Issuer intends to make use of the proceeds from the sale of the Class \"A Units of this Offering for exploration and drilling initiatives for fiscal 2011 and in particular, the Menary Township Project and Rainy River Mining District Projects, and use the proceeds from the sale of the Class \"B\" Units for general working capital, corporate purposes and for the maintenance of its property claims.Limited Market Dealer Inc. was paid a cash finder's fee of 4.5% of the proceeds received from the sale of Class \"A\" Units and Class \"B\" Units and 101,999 Finder's Options. Each Finders Option is comprised of one Common Share and one half of one Warrant, and is exercisable at a purchase price of $0.09 per Option for a period of twenty four months from the date of issuance.The closing of this offering is subject to the final approval of the TSX Venture Exchange Inc.\"We are very pleased to be once again entering into this relationship with MineralFields Group\", said John Archibald, President and CEO. \"This is an important milestone in the growth of King's Bay G...