K92 Mining Inc. has closed a financing a $ US10 million (K30 million) to progress the Kainantu Gold Mine Project.
The firm announced yesterday that it has closed and fully subscribed its sale of shares to select private investors, as announced on March 15, 2017.
They consist of the issuance of 13,333,333 units at $0.75 (K2.25) per unit for gross proceeds of $10 million.
K92 Mining Inc. says all securities issued pursuant to the $10 million are subject to a four-month hold, expiring July 22, 2017.
The financing include grade control, expansion and exploration drilling, work on the underground incline drive to Kora and for general corporate purposes.
The firm says each unit consists of one common share and one common share purchase warrant. Each warrant will allow the holder to purchase one common share of K92 at a price of $1.00 for a period of 12 months from the date of issuance.
In connection with the financing and subject to TSXV (Canada Stock Exchange) approval, K92 intends to pay a finder’s fee of an aggregate of 1,053,333 shares and 1,053,333 warrants (exercisable at $1.00 [K3] for a period of 12 months) to various finders.