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West Kirkland Announces a Non-Brokered Private Placement for $2,000,000
Not for dissemination in the United States or to United States newswire services VANCOUVER, British Columbia, Nov. 30, 2018 (GLOBE NEWSWIRE) -- West Kirkland Mi
About this update from West Vault Mining Inc
[{"type":"text","content":" Not for dissemination in the United States or to United States newswire services VANCOUVER, British Columbia, Nov. 30, 2018 (GLOBE NEWSWIRE) -- West Kirkland Mining Inc. (WKM:TSXV) (“West Kirkland” or the “Company”) announces the execution of subscription agreements for a non-brokered private placement of common shares of the Company with two of its major shareholders, and five investors (the “Private Placement”). The Company has agreed, subject to regulatory approval to issue an aggregate of 40,000,000 common shares at a price of $0.05 per share for aggregate gross proceeds of $2,000,000. A 6% cash finder’s fee amounting to $25,500 is to be paid on a portion of the Private Placement, which was otherwise arranged by management. The Company intends to use the net proceeds of the Private Placement to focus on permitting Phase 2 of its 75%-owned Hasbrouck Gold 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 open pit of the project together with the initial heap leach pads is fully permitted with a federal Decision Record and all key State Permits. The Company will now focus on permitting the balance of the reserves in the second pit and associated pads. 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 possible after receipt of Exchange approval. The common shares to be sold pursuant t...