Business
Kings Bay Gold Corporation announces the closing of a Private Placement
Kings Bay Gold Corporation announces the closing of a Private Placement
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKings Bay Gold Corporation announces the closing of a Private Placement\n\n\n Dec. 18, 2009 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce the closing of a non-brokered private placement on December 15th, 2009.A total of 12,500,000 Flow-Through Units at a purchase price of $0.08 per Unit were issued pursuant to a non-broker private placement. Each Flow-through Unit consisted 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 entitles the holder to purchase one non-flow-through common share of the Corporation. The Corporation paid 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 finder's fee warrant entitles 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 has been conditionally approved by 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.\"We are very pleased to be renewing our relationship with the MineralFields Group\", said John Archibald, President & CEO. \"This is another important milestone in the growth of King's Bay Gold Corporation (TSXV:KBG) and we look forward to once again be working with MineralFields Group as we continue to develop our holdings in the Red Lake Gold Camp of Northwestern Ontario.\"About MineralFields, Pathway and First Canadian Securities ®MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in ...