K92 Mining Inc. (the “Company” or “K92”, TSXV: KNT) is pleased to announce that it has closed the non-brokered private placement announced on July 21st, 2016, consisting of the issuance of 1,709,402 units (the “Units”) at $1.17 per Unit for gross proceeds of $2,000,000 (the “Financing”). All securities issued pursuant to the Financing are subject to a four month hold expiring November 26th, 2016.
Each Unit consists of one Common share (an “Offered Share”) and one Common share purchase warrant (a “Warrant”). Each Warrant will allow the holder to purchase one Common share of K92 at a price of $1.75 for a period of 12 months from the date of issuance.
The sole investor in the Financing is Mr. Ross Beaty.
Proceeds from the Financing are intended to be used for general corporate purposes and to give the company enhanced optionality when completing the underground incline drive from Irumafimpa to Kora, with drill testing along the way.
In connection with the Financing and subject to TSXV approval, K92 intends to pay a finder’s fees of 119,658 Offered Shares and 119,658 Warrants (exercisable at $1.75 for a period of 12 months) to a finder.
Ian Stalker
Chief Executive Officer and Director
The TSXV has in no way passed upon the merits of the proposed Financing and has neither approved nor disapproved the contents of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding completion of the Financing and the expected use of proceeds. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, taxation, the est
