Business
Kivalliq Energy Closes $4.5 Million Non-Brokered Financing
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITE...
About this update from Valore Metals Corp.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nVANCOUVER, April 9, 2013 /CNW/ - Kivalliq Energy Corporation (\"KIV: TSX-V\" \"Kivalliq\") today announced the closing of the non-brokered private placement\n financing previously announced on April 2, 2013. Kivalliq has raised\n gross proceeds of CDN $4,544,800.\n\n\nNet proceeds of the private placement financing will be used to fund the\n first phase of Kivalliq's 2013 Exploration Program at the Angilak\n Property in Nunavut, Canada and for general working capital purposes.\n The budget for phase one was adjusted to $4 million (see news release\n dated February 5, 2013) and includes high priority drilling and\n geophysical activities in key areas that must be completed before ice\n break-up sometime in June. Pending results and market conditions,\n Kivalliq will continue the second phase of the proposed 2013\n Exploration Program at Angilak, with additional core drilling and\n geophysical, geological, geochemical and engineering surveys in the\n field.\n\n\nKivalliq raised the funds by issuing approximately 15 million units\n (\"Units\") at the price of CAD$0.30 per Unit (the \"Offering\"). Each Unit\n consists of one common share and one whole warrant. Each whole warrant\n will allow the holder to acquire an additional common share of Kivalliq\n at a price of $0.50 per share for a period of two years following the\n date of closing.\n\n\nThe securities issued by Kivalliq in connection with the Offering are\n subject to a four month \"hold period\" as prescribed by the TSX Venture\n Exchange and applicable securities laws. In aggregate, the Offering was\n subject to the following finders' fees: $165,270 cash commission, and\n 550,900 finders warrants with a strike price of $0.50.\n\n\nAbout Kivalliq Energy Corporation \n\n\nKivalliq Energy Corporation (TSX-V: KIV) is a Vancouver-based uranium\n exploration company holding Canada's highest-grade uranium resource\n outside of Saskatchewan's Athabasca Basin. Its flagship project, the\n 340,268 acre Angilak Property in Nunavut Territory, hosts the Lac 50\n Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes grading\n 0.69% U3O8, totaling 43.3 million pounds U3O8. Kivalliq's comprehensive\n exploration programs continue to advance the Lac 50 Trend and\n d...