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Kings Bay Gold Corporation Announces $1,000,000 Private Placement Financing of Flow through Units
Kings Bay Gold Corporation Announces $1,000,000 Private Placement Financing of Flow through Units
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKings Bay Gold Corporation Announces $1,000,000 Private Placement Financing of Flow through Units\n\n\n Dec. 2, 2009 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce that it has agreed to a non-brokered private placement of $1,000,000 to subscribers in the Province of Ontario, to be effected through the sale of 12,500,000 Flow-through Units at a price per unit of $0.08 each. It is anticipated that the closing of this transaction will occur on or about December 7th, 2009.Each Flow-through Unit will consist of one flow-through common share, and one half of one (1/2) non-flow-through common share purchase warrant having a term of 24 months from the date of issue and an exercise price of $0.12. Each whole warrant will entitle the holder to purchase one non-flow-through common share of the Corporation. The Corporation is intends to offer a 5% cash finder's fee to registered dealers for services rendered in introducing certain subscribers to the offering (each, a \"Finder\"), together with that number of non-transferrable finder's fee common share purchase warrants equal to 10% of the Flow-Through Units subscribed for through such registered dealers. Each such finder's fee warrant will entitle a Finder to subscribe for one non-flow-through common share of the Corporation, at an exercise price of $0.12 for 24 months. The closing of this offering is subject to the approval of the TSX Venture Exchange Inc.King's Bay Gold Corporation intends to utilize the proceeds from this non-brokered private placement for the ongoing exploration and development of its joint-ventured Bobjo Mine Property and at its other projects.About King's Bay GoldKing's Bay Gold is unique in the industry in that it owns most of the equipment required to carry out the various phases of exploration. The Corporation is a very active Canadian mineral exploration company with mineral projects located in Canada's main gold camp - Red Lake, ON. Strategic properties include - (1) The Headway, a property located in Red Lake, ON (exploring for gold with Mega Precious Metals Inc. (OOTC:MPRXF) (TSXV:MGP) ); (2) The Bobjo Mine, a past producing gold mine (exploring for gold and rare earths elements with Mainstream Minerals Corporation (OOTC:MSMCF) (TSXV:MJO) ); (3) The Fort Frances property (exploring for PGEs and diamonds); and (4) the newly...