The Prospector News

West Kirkland Closes $1.0 Million Non-Brokered Private Placement

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

West Kirkland Closes $1.0 Million Non-Brokered Private Placement

 

 

 

 

 

West Kirkland Mining Inc. (TSX-V: WKM) announces that it has closed a private placement of common shares of the Company first announced on January 10, 2020. The Company issued an aggregate 16,673,334 common shares at a price of $0.06 per share for aggregate gross proceeds of $1,000,400. The Private Placement was completed with two of its major shareholders and six investors. A 6% cash finder’s fee amounting to $21,360 was paid on a portion of the Private Placement, which was otherwise arranged by management.

 

The Company intends to use the net proceeds of the Private Placement on the completion of Phase 2 permitting of its 75%-owned Hasbrouck Project located in Nevada and for general working capital. The common shares issued pursuant to the Private Placement will bear a four-month and one day resale restriction from the date of closing, which the Company anticipates will occur as soon as possible after receipt of Exchange approval.

 

Sun Valley Gold Master Fund, Ltd. and Ruffer LLP, each being a related party to the Company under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) by virtue of being a holder of more than 10% of the issued and outstanding common shares of the Company, participated in the Private Placement. The Private Placement therefore constitutes a “related party transaction” under MI 61-101. The Company relied upon exemptions from the valuation and minority shareholder approval requirements of MI 61-101 available pursuant to sections 5.5(b) and 5.7(1)(b) of MI 61-101, as the Company is not listed on a senior specified stock exchange and the Private Placement raised proceeds of less than $2,500,000.

 

The common shares sold pursuant to the Private Placement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

 

About West Kirkland Mining Inc.

 

West Kirkland is focused on advancing the Hasbrouck Project in Tonopah, Nevada. The Company owns a 75% interest in, and a 1.1% net smelter return royalty over, the Hasbrouck Project and is working towards completing full permitting for the project’s gold reserves.

 

Posted January 22, 2020

Share this news article

MORE or "UNCATEGORIZED"


Rock Tech Lithium Announces Closing of Offering of Units

Rock Tech Lithium Inc. (TSX-V: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1X... READ MORE

August 19, 2022

Power Metals Intersects High-Grade Lithium, Cesium and Tantalum Mineralization at West Joe and Main Dykes, Case Lake

Power Metals Corp.  (TSX-V: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF... READ MORE

August 19, 2022

VOX PROVIDES GOLD ROYALTY DEVELOPMENTS AND EXPLORATION UPDATES

Vox Royalty Corp. (TSX-V: VOX) (OTCQX: VOXCF) a returns focused ... READ MORE

August 18, 2022

Aldebaran Reports 1,059.5 m of 0.4% CuEq in a Previously Untested Area at the Altar Copper Gold Project

Aldebaran Resources Inc. (TSX-V: ALDE) (OTCQX: ADBRF) is pleased ... READ MORE

August 18, 2022

Scorpio Gold – Closing of Convertible Loans in Principal Amount of up to US$2,450,000

Scorpio Gold Corporation (TSX-V: SGN) announces that further to i... READ MORE

August 18, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News