Business
King's Bay Gold Corporation announces the closing of a Private Placement
King's Bay Gold Corporation announces the closing of a Private Placement
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nKing's Bay Gold Corporation announces the closing of a Private Placement\n\n\n Oct. 7, 2009 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce the closing of a non-brokered private placement on October 7, 2009. A total of 1,985,000 Class \"A\" Units and 5,515,000 Class \"B\" Units were purchased by subscribers resident in British Columbia, Manitoba and Ontario, at a purchase price of $0.08 per Class \"A\" Unit and a price of $0.08 per Class \"B\" Unit, for gross subscription proceeds of $600,000.00. The offering is subject to the approval of the TSX Venture Exchange.Each Class \"A\" Unit consisted of one Class \"A\" Common share of the Issuer, issued as a Flow-Through Share, and one half of one Class \"A\" Common share purchase warrant (a \"Class \"A\" Warrant\"). Each Class \"A\" Warrant entitles the holder thereof to purchase one Class \"A\" Common share of the Issuer at an exercise price of $0.12 per Warrant for a period of twenty four months following the date of issuance. Each Class \"B\" Unit consisted of one Class \"B\" Common share of the Issuer and one Class \"B\" Common share purchase warrant (a \"Class \"B\" Warrant\"). Each Class \"B\" Warrant entitles the holder thereof to purchase one Class \"B\" Common share of the Issuer at an exercise price of $0.10 per Warrant for a period of twenty four months following the date of issuance. A finder's fee equal to 10% of the subscription proceeds was paid to registered dealers for services rendered in introducing certain subscribers to the offering. In addition to the finder's fee, the Issuer issued non-transferable broker warrants equal to up to 10% of the Class \"A\" Units and Class \"B\" Units subscribed for through the registered dealers. Each broker warrant entitles the holder to receive one Common share of the Issuer at an exercise price of $0.12 per Warrant for a period of twenty four months following the date of issuance. The shares issued in connection with this non-brokered private placement are subject to a minimum hold period of four months plus one day.King's Bay Gold Corporation intends to utilize the flow-through proceeds from the subscription for the Class \"A\" Units of this non-brokered private placement for the ongoing exploration and development of its joint-ventured Bobjo Mine rare earths / gold project, incurred as Cana...