Kapuskasing Gold (KAP-V) July 11, '16 announces that further to its news release of May 27, 2016, the Company has closed on a total of 1,640,000 Non Flow-Through Units at a price of $0.05 per NFT Unit and 2,743,334 Flow-Through Units at a price of $0.06 per FT unit for aggregate gross proceeds of $246,600.04.
Each NFT Unit consists of one NFT Common Share (a “NFT Share”) and one Non Flow-Through share purchase warrant (“NFT Warrant”). Each FT Unit will consist of one FT Common Share (a “FT Share”) and one NFT warrant. Each NFT Warrant will entitle the holder to purchase one NFT Share at $0.10 for 18 months from the date of issuance.
In connection with the Offering, the Company paid certain finders (the "Finders") a cash commission equal to 8% of the proceeds of the sale of Shares by such Finder.
All securities issued in connection with the Offering will be subject to a four month hold period expiring on November 11, 2016, in accordance with applicable Canadian securities laws. Net proceeds of the private placement will be used for general working capital purposes and to advance the company’s mineral properties. The Offering remains subject to final acceptance by the TSX Venture Exchange.
On behalf of the Board of Directors:
KAPUSKASING GOLD CORP.
Jonathan Armes
President & CEO, Director
Phone 1 (416) 708-0243
kapuskasinggold.com |
