B. Matthew Hornor, President and Chief Executive Officer of Kaizen Discovery Inc. (TSX-V:KZD), today announced that the company has completed a C$1.24 million non-brokered private placement. A total of 2,818,000 new Kaizen common shares were issued at a price of C$0.44 per share.
Although the company is well funded (cash balance of US$11.3 million as at June 30, 2014), it proposes to use the net proceeds of the private placement to fund exploration and development activities associated with its strategic initiatives, as well as for general corporate and working capital purposes. The common shares issued pursuant to the offering are subject to a hold period of four months and a day, expiring on February 4, 2015.
The private placement is subject to final acceptance by the TSX Venture Exchange and other customary conditions for a transaction of this nature.
About Kaizen Discovery
Kaizen is a Canadian technology-focused, mineral exploration company that was formed in late 2013 through a combination of Concordia Resource Corp. and assets acquired from HPX TechCo Inc., a 100%-owned subsidiary of High Power Exploration Inc. With its collaboration agreement with ITOCHU of Japan and access to HPX TechCo’s proprietary geophysical technology, Kaizen’s long-term growth strategy is to work with Japanese partners to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan’s industrial sector.
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