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West Kirkland Announces and Closes a Non Brokered Private Placement for $700,000
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 31, 2015) - West Kirkland Mining Inc. (TSX VENTURE:WKM) ("West Kirkland" or the "Company") announces that it ha
About this update from West Vault Mining Inc
[{"type":"text","content":" VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 31, 2015) - West Kirkland Mining Inc. (TSX VENTURE:WKM) (\"West Kirkland\" or the \"Company\") announces that it has closed a private placement of common shares of the Company with two of its major shareholders for $700,000 at $0.05 per share (the \"Private Placement\"). The Company issued 14,000,000 shares at a price of $0.05 per share for aggregate gross proceeds of $700,000. There were no finder's fees or commissions paid on the Private Placement which was arranged by management with the Company's major shareholders. Following the private placement, the purchasers, Sun Valley Gold Master Fund, Ltd. and Ruffer LLP, will hold 31.23% and 16.12% respectively of the common shares of the Company. The Company intends to use the net proceeds of the Private Placement for general working capital and permitting and mine design work on the 75% interest in the Hasbrouck gold project in Nevada. Clover Nevada LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP, (\"Waterton\"), owns the remaining 25% interest in Hasbrouck. R. Michael Jones, President, CEO and co-founder of West Kirkland said, \"We are very pleased to see such solid support from our institutional investors, who recognize the value at Hasbrouck, a well-defined gold project in an excellent mining jurisdiction. The Three Hills open pit and heap leach operation, the first phase at Hasbrouck, was granted a positive Decision Record to construct and operate in November, 2015. This Private Placement allows us to continue with permitting work on phase two, the larger, nearby Hasbrouck open pit and heap leach operation.\" The Hasbrouck Gold Project involves the open pit mining of two of the knolls or peaks at Three Hills for the first two to three years of operation, followed by open pit mining of the nearby, larger Hasbrouck hill. The Company intends to conserve cash where possible while working towards the permitting of the larger Hasbrouck open pit while also preparing for a construction decision as market conditions improve. The Company is also looking for synergistic opportunities in distressed situations, in the current challenging market conditions. The shares sold in this Private Placement will be subject to a four month resale restriction from the date of closing. The securities offered pursuant to the...