VANCOUVER, July 21, 2016 /CNW/ - K92 Mining Inc. (the
"Company" or "K92", TSXV: KNT) is pleased to announce that is has
arranged a further non-brokered private placement to raise
approximately $2,000,000 (the
"Financing") through the issuance of 1,709,402 units (the "Units")
of the Company at a price of $1.17
per Unit. Each Unit will consist 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.
Proceeds of 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.
The Financing has been arranged with a single investor.
K92 may pay a finder (the "Finder"), in connection with
Financing, a fee up to 7% of the gross proceeds received from the
investor, payable in cash and/or Offered Shares, and issue Warrants
to purchase Offered Shares equal to 7% of the aggregate number of
Offered Shares purchased by the investor. The Finder's Warrants
will be on the same terms and conditions as the Warrants issued
under the Financing.
The Financing is intended to be completed on or about
July 25, 2016 subject to certain
conditions, including the approval of the TSX Venture Exchange (the
"TSXV"). All securities issued as part of the Financing will be
subject to a hold period of 4 months and one day from the closing
date of the Financing.
On behalf of the Company,
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 estimation, timing and amount of future
exploration and development, capital and operating costs, the
availability of financing, the receipt of regulatory approvals,
environmental risks, title disputes, failure of plant, equipment or
processes to operate as anticipated, accidents, labour disputes,
claims and limitations on insurance coverage and other risks of the
mining industry, changes in national and local government
regulation of mining operations, and regulations and other
matters.. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. The Company disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
SOURCE K92 Mining Inc.