Mr. David Stein reports
KUYA SILVER ANNOUNCES CLOSING OF $3.2 MILLION PRIVATE PLACEMENT INCLUDING FULL EXERCISE OF AGENTS' OPTION
Kuya Silver Corp. has completed its previously announced best efforts private placement of units of the company at a price of 45 cents per unit, which was led by Canaccord Genuity Corp. and Research Capital Corp. and including Red Cloud Securities Inc. The company sold an aggregate of 5,718,000 units, which includes the full exercise of the agents' option to purchase up to an additional 15 per cent of the units of the private placement, for aggregate gross proceeds of $2,573,100. Concurrently with the private placement, the company sold an aggregate of 1.32 million units on a non-brokered private placement basis on the same terms as the private placement, for additional gross proceeds of $594,000. The company intends to use the proceeds from the issuance of the units for general working capital purposes.
Each unit consists of one common share of the company and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of 70 cents for a period of five years following the closing of the private placement.
As consideration for the services provided by the agents, the company paid the agents cash fees totalling $190,026, being 6.0 per cent of the aggregate gross proceeds from the sale of the units, and issued to the agents 422,280 non-transferrable broker warrants, being equal to 6.0 per cent of the number of units sold pursuant to the private placement and the NBPP. Each broker warrant entitles the holder to purchase one common share at an exercise price of 45 cents for a period of two years following the date hereof.
About Kuya Silver Corp.
Kuya Silver is a Canadian-based mineral exploration and development company with a focus on acquiring, exploring and advancing precious metals assets in Peru and Canada.
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