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Kainantu Resources Announces $1.5 Million Private Placement Financing to Advance KRL North/South
Kainantu Resources Announces $1.5 Million Private Placement Financing to Advance KRL Nort...
About this update from South Pacific Metals Corp.
[{"type":"text","content":"\n \n \n \n Kainantu Resources Announces $1.5 Million Private Placement Financing to Advance KRL North/South\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION, DISSEMINATION, DIRECTLY OR INDIRECTLY IN OR INTO\n \n THE UNITED STATES\n \n /\n \n \n \n Vancouver, BC\n \n ,\n \n Dec. 1, 2021\n \n /CNW/ - Kainantu Resources Ltd. (TSXV: KRL) (FSE: 6J0) (\"KRL\" or the \"Company\"), the\n \n Asia-Pacific\n \n focused gold mining company, is pleased to announce a financing to raise up to\n \n C$1.5 million\n \n (the \"Offering\").\n \n \n Specifically, KRL announces a non-brokered private placement (the \"Offering\") for up to 8,333,333 units of the Company (each, a \"Unit\") at a price of\n \n C$0.18\n \n per Unit for aggregate gross proceeds of up to\n \n C$1,500,000\n \n .\n \n \n Each Unit will be comprised of one common share of the Company (each, a \"Common Share\") and one common share purchase warrant (each, a \"Warrant\"), with each Warrant being exercisable for one Common Share at an exercise price of\n \n C$0.36\n \n per Common Share at any time up to 36 months following the closing date of the Offering.\n \n \n \n \n Matthew Salthouse\n \n , CEO of KRL, commented:\n \n \n \n \n \"After a successful first year of listing, KRL is venturing into 2022 with several significant catalysts to pursue at KRL North, KRL South and the May River Project. Additional strategic discussions on new projects will also continue, which will drive growth and KRL as a value proposition for investors, as a new dynamic junior miner in the\n \n Asia-Pacific\n \n region.\n \n \n \n \n The Company also remains focused on its projects in Kainantu and the ongoing trends emerging for high-grade gold prospectivity, especially at the East Avaninofi Prospect and at KRL North; with funds raised in the placement to be directly applied to these programmes to accelerate progress towards clearly defined drilling targ...