Kent Closes 1st Tranche of Private Placement for $316,250
July 05 2011 - 12:12PM
Marketwired
Kent Exploration Inc. (the "Company" or "Kent") (TSX VENTURE:
KEX)(FRANKFURT: 7KX) reports that, subject to acceptance for filing
of the final documentation by the TSX Venture Exchange ("TSX-V"),
it has closed the first tranche of its previously announced, up to
12,000,000 Unit non-brokered Private Placement, of 6,325,000 Units
for gross proceeds of $316,250.
Each unit consists of one (1) common share and one (1)
non-transferable common share purchase warrant. Each warrant is
exercisable for a period of two (2) years from closing and will
entitle the holder to purchase one additional common share in the
capital stock of the Company at a price of $0.10 per common share
for a period of twenty four months. Shares subscribed for in the
Private Placement are subject to a four (4) month plus one day hold
period.
Finder Fees consisting of 360,000 compensation warrants (the
"Compensation Warrants") and $18,000.00 in cash is to be paid
pursuant to the policies of the TSX-V. Each Compensation Warrant
will entitle the holder to purchase one (1) common share of the
Company for a period of 24 months from the date of issuance at a
price of $0.10 per Compensation Warrant.
The proceeds from the financing are to be used for the Flagstaff
Barite Project, Alexander River Gold Project and for general and
corporate purposes.
Kent Exploration Inc. is a junior exploration company that has
acquired the Alexander River, Paparoa and Lyell gold projects in
the highly prolific Reefton gold field in New Zealand and has an
approximate 35% interest in, and is the controlling shareholder of,
Archean Star Resources Inc, ("Archean") which is listed on the TSX
Venture Exchange under the symbol ASP. Archean's wholly owned
subsidiary, Archean Star Resources Australia, Pty, Ltd, ("ASRA")
has an Option Agreement, subject to a 75% back in right, to earn
100% of Teck's interest in Chalice Gold Mines Limited's Gnaweeda
Gold Project in West Australia.
The Company has an option to earn a 100% interest in the Silver
Hills property, a silver/ lead/ zinc prospect in south-eastern
British Columbia, The Company has a 100% interest in Coal
Prospecting Permits covering approximately 92,000 ha in
east-central Saskatchewan; a 100% interest in a mining lease option
on the Flagstaff Mountain property, a barite-gold-silver-zinc-
property in eastern Washington state, having a fully permitted mine
which is approved to produce up to 100,000 tons of barite per year,
and a 100% interest in the mining lease option on the Ivanhoe Creek
property, a Midas-style gold/silver target in Nevada's Carlin
Trend, and 50% of a 100% interest in the Ivanhoe Creek placer
claims covering a bentonite deposit.
This News Release has been prepared on behalf of the Kent
Exploration Inc. Board of Directors, which accepts full
responsibility for its contents.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
Neither the TSX Venture Exchange, nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange), has reviewed, nor do they accept responsibility
for, the adequacy or accuracy of this news release.
Contacts: Kent Exploration Inc. Graeme O'Neill President
604-684-3394 or Toll Free: 1-866-399-6539 1-888-282-7763 (FAX)
www.kent-exploration.com
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