Kings Bay Gold Corporation announces Closing of Private Placement
Jun 13, 2008 (TheNewswire.ca via COMTEX News Network) --
(via BAYSTREET NEWSWIRE)
June 13 2008 - King's Bay Gold Corporation (TSX.V: KBG) is pleased to announce the closing of a non-brokered private placement on June 12, 2008. A total of 2,500,000 Units were purchased by subscribers resident in the Province of Ontario, at a purchase price of $0.30 per Unit, for gross subscription proceeds of $750,000.00.
Each Unit consisted of one Class "A" common share of the Issuer (a "Common Share"), issued as a "flow-through share" for the purpose of The Income Tax Act (Canada), and one half of one Common Share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder thereof to purchase one Common Share of the Issuer at an exercise price of $0.40 per Warrant for a period of eighteen months following the date of issuance. The Common Shares issued in connection with the offering will be subject to a hold period of four months plus one day in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
King's Bay Gold Corporation intends to utilize the proceeds from this non-brokered private placement for its ongoing drilling programs.
About King's Bay Gold
King's Bay Gold is unique in the industry in that it owns most of the equipment required to carry out the various phases of exploration. This includes diamond drills, bulldozers and other exploration equipment, which gives the company the ability to quickly adjust work programs as exploration results are realized and company strategies change. The Corporation is a very active and well financed Canadian mineral exploration company with nine mineral projects strategically located in Canada's gold camps. Strategic properties include - (i) a property located directly adjacent to Canada's richest gold mine, (ii) a past producing gold mine with brand new rare metals, rare earths and high-grade gold discoveries, and (iii) other locations that are in very close proximity to either past producers and / or recent discoveries.
King's Bay Gold Corporation
Richard Rivet
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