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West Kirkland Announces a $1.0 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 10, 2020) - West Kirkland Mining Inc. (...
About this update from West Vault Mining Inc
[{"type":"text","content":"West Kirkland Announces a $1.0 Million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 10, 2020) - West Kirkland Mining Inc. (TSXV: WKM) (\"West Kirkland\" or the \"Company\") announces a non-brokered private placement of common shares of the Company with four of its shareholders and several new investors (the \"Private Placement\"). The Company has agreed, subject to regulatory approval, to issue an aggregate of 16,667,350 common shares at a price of $0.06 per share for aggregate gross proceeds of $1,000,041. A 6% cash finder's fee is to be paid on a portion of the Private Placement, which was otherwise arranged by management. All amounts herein are reported in Canadian dollarsThe Company intends to use the net proceeds of the Private Placement on the completion of Phase 2 permitting of its 75%-owned Hasbrouck Project located in Nevada and for general working capital. The Hasbrouck Project hosts an estimated 762,000 ounces of proven and probable gold reserves and 10,569,000 silver ounces (45,270,000 tons at 0.6 Au g/t and 8.0 Ag g/t). For details see the \"Technical Report and Updated Preliminary Feasibility Study: Hasbrouck and Three Hills Gold-Silver Project, Esmeralda County, Nevada,\" dated September 14, 2016 as filed on SEDAR at www.sedar.com. The Phase 1 Three Hills open pit of the Hasbrouck Project, together with the initial heap leach pads, is fully permitted with a federal Decision Record and all key State Permits. The Company has been focused for the last year on permitting the balance of the reserves in the Phase 2 open pit and associated heap leach pads at nearby Hasbrouck Peak. Baseline work and the filing of a Plan of Operations for the full project has been completed and obtaining a federal Decision Record for Phase 2 is the next step. Clover Nevada LLC, a wholly owned subsidiary of Waterton Precious Metals Fund II Cayman, LP, (\"Waterton\"), owns the remaining 25% interest in the Hasbrouck Project. Waterton has been funding their 25% share of project expenditures since September 2016.The Private Placement will be subject to the approval of the TSX Venture Exchange (\"Exchange\") and the common shares issued pursuant to the Private Placement will bear a four-month and one day resale restriction from the date of closing, which the Company anticipates will occur as soon as possi...