West Kirkland Mining (WKM-V) Oct 28, '16 announces that it has closed a private placement of common shares of the Company with two of its major shareholders for $1,650,000 at $0.10 per share.
The Company issued 16,500,000 shares at a price of $0.10 per share for aggregate gross proceeds of $1,650,000. There were no finder's fees or commissions paid on the Private Placement which was arranged by management with the Company's major shareholders. Following the Private Placement Sun Valley Gold Master Fund, Ltd. and Ruffer LLP, on behalf of its clients, will hold 33.19% and 16.84% respectively of the common shares of the Company.
The Company intends to use the net proceeds of the Private Placement for general working capital, targeted resource expansion drilling, regional exploration, and phase-two permitting on its 75% interest in the Hasbrouck Project in Nevada. Clover Nevada LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP, ("Waterton"), owns the remaining 25% interest in the Hasbrouck Project. Waterton has indicated to the Company that they will fund their 25% share of project expenditures.
The shares sold in this Private Placement will be subject to a four-month resale restriction from the date of closing.
About West Kirkland Mining Inc.
West Kirkland owns a 75% interest in the Hasbrouck Gold Project in Tonopah, Nevada. A completed Pre-Feasibility Study and Environmental Assessment with construction level drawings and full permitting for the phase-one Three Hills Mine provides a shovel-ready gold project. West Kirkland also holds a 60% interest in the open pit heap-leach TUG Gold Project in Utah in Joint Venture with Newmont.
On behalf of the Board of West Kirkland Mining Inc.
Frank R. Hallam, CFO and Director
Authors and Qualified Persons Statement
Sandy McVey, P.Eng., Chief Operating Officer for West Kirkland, and a non-independent Qualified Person as defined by NI 43-101, has also reviewed the information contained in this news release and has verified the data.
Kris Begic
Investor Relations
(604) 685-8311
www.wkmining.com |
