King’s Bay Announces Non-Brokered Private Placement
Vancouver - King’s Bay Gold Corporation (TSXv: KBG)(FSE: KGB1) (the “Company” or “King’s Bay”) is pleased to announce a non-brokered private placement for of 13,333,333 Units of the Company at a price of $0.075 per Unit for gross proceeds of $1,000,000. Each Unit will consist of one common share and one share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.12 per share for a period of 24 months from closing.
All or a portion of the Offering may be completed pursuant to Multilateral CSA Notice 45-318 Prospectus Exemption for Certain Distributions through an Investment Dealer ("CSA 45-318") and the corresponding instruments, orders and rules implementing CSA 45-318 in the participating jurisdictions (collectively with CSA 45-318, the "Investment Dealer Exemption").
In order for the Company to be able to rely on the Investment Dealer Exemption, each subscriber must purchase the shares as principal and obtain advice regarding the suitability of the investment from a person that is registered as an investment dealer in the jurisdiction in which the subscriber is resident.
All the securities will be subject to a four-month hold period from the date of closing. There may be finder’s fee payable in connection with this placement. The private placement is subject to the approval of the TSX Venture Exchange.
The Company intends to use the proceeds of the Offering as follows:
$100,000 G & A, $90,000 salaries, $100,000 corporate development, $50,000 legal, accounting and regulatory fees, property acquisition costs $100,000, travel and promotion $60,000, unallocated working capital $100,000, and exploration expenditures of $500,000.
The King’s Bay board of Directors has granted 2.3 million stock options to directors and insiders at a price of $0.075 good for a term of 24 months. Prior to this release the company had no outstanding incentive options.
There are no material facts or material changes that have not been generally disclosed by the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
King’s Bay Gold Corporation operating as King’s Bay
“Kevin Bottomley”
Kevin Bottomley
President & CEO
Tel: (604) 681-1568
Kevin@kingsbayres.com
For investment inquiries please contact
“Bradley Hoeppner”
Brad Hoeppner
Director
Tel: (604) 681-1568
Brad@kingsbayres.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future planned exploration expenditures or acquisitions and closing on the $1,000,000 proposed financing are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The reader is cautioned that references to mineral resources that are not mineral reserves do not have demonstrated economic viability and assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
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