Kinbauri Closes Final Tranche of Private Placement
March 26 2009 - 9:33AM
Marketwired
Kinbauri Gold Corp. ("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT:
3KG.DE) is pleased to announce that it has closed the final tranche
of its previously announced (February 20) brokered private
placement. This tranche consisted of 1,140,000 Units for aggregate
gross proceeds of $513,000. Each Unit consists of one common share
and one-half of a common share purchase warrant at a price of $0.45
per Unit. Each whole warrant entitles the holder to purchase one
common share at a price of $0.70 for a period of 12 months from the
date of issuance. The securities are subject to a four month hold
period from the date of the closing.
In connection with the closing of this tranche of the offering,
M Partners Inc. has been paid a commission of $22,950 and received
broker warrants to purchase an aggregate of 51,000 Units at a price
of $0.45 per Unit for a period of 12 months from the date of the
closing. The proceeds of the financing will be used for general
working capital purposes and the advancement of the El Valle/Carles
project in northwestern Spain. The placement is subject to
acceptance by the TSX Venture Exchange.
About Kinbauri:
Kinbauri is a TSXV - Tier 1 Mineral Exploration Company focused
on the development of precious metal prospects in Spain, Nevada and
Canada. Its immediate focus is to begin operations at its El
Valle/Carles property in Asturias, northwestern Spain by 2011. It
has 53,243,051 common shares issued and outstanding.
THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP. THE TSX
VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
This press release contains certain forward-looking statements,
which are based on the opinions and estimates of management at the
date the statements are made, and are subject to a variety of risks
and uncertainties and other factors that could cause actual events
or results to differ materially from those projected. Kinbauri
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on
forward-looking statements.
VISIT:
Kinbauri Gold's Hub at http://www.agoracom.com/IR/kinbauri where
investors can post questions and receive answers or review
questions and answers already posted by other investors. Kinbauri
Web-Site: www.kinbauri-gold.com
Contacts: North America Kinbauri Gold Corp. Darrell Munro, BB.A,
LL.B Manager, Corporate Communications 613-836-0198
dmunro@kinbauri-gold.com Dr. Vern Rampton P. Eng., President
613-836-2594 613-831-2730 (FAX) vrampton@kinbauri-gold.com
kinbauri@kinbauri-gold.com Europe INVESTEL Ruediger (Rudy) Hnyk,
CEO Investor Relations & Telecommunications ceo@investel.de
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