Business
West Kirkland Closes $1.0 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 21, 2020) - West Kirkland Mining Inc. (...
About this update from West Vault Mining Inc
[{"type":"text","content":"West Kirkland Closes $1.0 Million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 21, 2020) - West Kirkland Mining Inc. (TSXV: WKM) (\"West Kirkland\" or the \"Company\") announces that it has closed a private placement of common shares of the Company first announced on January 10, 2020. The Company issued an aggregate 16,673,334 common shares at a price of $0.06 per share for aggregate gross proceeds of $1,000,400 (the \"Private Placement\"). The Private Placement was completed with two of its major shareholders and six investors. A 6% cash finder's fee amounting to $21,360 was 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 on the completion of Phase 2 permitting of its 75%-owned Hasbrouck Project located in Nevada and for general working capital. 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. Sun Valley Gold Master Fund, Ltd. and Ruffer LLP, each being a related party to the Company under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") by virtue of being a holder of more than 10% of the issued and outstanding common shares of the Company, participated in the Private Placement. The Private Placement therefore constitutes a \"related party transaction\" under MI 61-101. The Company relied upon exemptions from the valuation and minority shareholder approval requirements of MI 61-101 available pursuant to sections 5.5(b) and 5.7(1)(b) of MI 61-101, as the Company is not listed on a senior specified stock exchange and the Private Placement raised proceeds of less than $2,500,000.The common shares sold pursuant to the Private Placement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities ...