Mr. John Cook reports
KING GLOBAL VENTURES CLOSES FINANCING
King Global Ventures Inc.
has closed a non-brokered private placement offering of an aggregate of
6,323,499
flow-through units of the company at a price of six cents per FT unit for gross proceeds of $379,409.94.
All securities have been issued with a hold period expiring May 1, 2021.
Each FT unit is composed of one common share in the capital of the company, issued on a flow-through basis, and one common share purchase warrant. The FT shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the
Income Tax Act
(Canada). Each warrant entitles the holder thereof to acquire one additional common share of the company, to be issued on a non-flow-through basis, at an exercise price of eight cents until Dec. 31, 2022.
The gross proceeds derived from the sale of the FT units under the offering will be used for general exploration expenditures on the company's mineral properties located in Newfoundland and Quebec.
In connection with the offering, the company paid certain
securities dealers: (i) a cash commission in the aggregate of $5,704.20; and (ii) an aggregate of 214,167 broker warrants. Each broker warrant entitles the holder thereof to acquire one common share at an exercise price of eight cents until Dec. 31, 2021.
The closing of the offering is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange.
We seek Safe Harbor.
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