Kingfisher Metals closes $4.85M private placement
2022-06-07 18:33 ET – News Release
Mr. Dustin Perry reports
KINGFISHER ANNOUNCES CLOSING OF UPSIZED PRIVATE PLACEMENT FINANCING
Further to Kingfisher Metals Corp.’s news releases dated April 27, 2022, and March 26, 2022, it has closed its upsized private placement financing for gross proceeds of approximately $4.85-million through the issuance of 15.25 million charity flow-through units at a price of 28 cents per charity flow-through unit and 2,433,972 flow-through units at a price of 24 cents per flow-through unit of the company.
Each offered unit comprises one common share of the company and one-half of one common share purchase warrant, with each warrant being exercisable for one common share at an exercise price of 35 cents per common share at any time up to 24 months following the closing date of the offering.
The aggregate gross proceeds raised from the offering will be used before 2024 for general exploration expenditures which will constitute Canadian exploration expenses (within the meaning of Subsection 66(15) of the Income Tax Act (Canada)), that will qualify as flow-through mining expenditures within the meaning of the Tax Act.
Dustin Perry, chief executive officer of Kingfisher, commented: “We are very pleased with the result of this oversubscribed non-brokered financing. Kingfisher is well positioned financially and operationally as we embark on our 2022 discovery-focused drilling program at our 100-per-cent-owned Goldrange project in southwest British Columbia.”
In connection with the offering, commissions on the sale of the offered units were paid to eligible finders in accordance with the policies of the TSX Venture Exchange and applicable securities law. The company paid an aggregate of $69,500 in cash commissions and issued 327,083 finder warrants to the finders. Each finder warrant entitles the holder thereof to acquire one common share at a price of 35 cents at any time prior up to 24 months following the closing date of the offering.
All securities issued pursuant to the offering, including common shares issuable upon the exercise of warrants or finder warrants, are and will be subject to a hold period of four months and one day after the date of closing of the offering.
Dustin Perry, chief executive officer of Kingfisher, participated in the offering and purchased 20,800 offered units, for an aggregate subscription of $4,992.00. Alejandro Emiliano Gubbins Cox also participated in the offering and purchased four million offered units, for an aggregate subscription of $1.12-million. Participation by Mr. Perry and Mr. Gubbins Cox in the offering constituted a “related party transaction” for the company within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions. MI 61-101 provides exemptions from the requirements to obtain a formal valuation and minority shareholder approval in connection with the participation by Mr. Perry and Mr. Gubbins Cox in the offering, and the company has relied on the exemptions available in sections 5.5(a) and 5.7(1)(a) of MI 61-101.
About Kingfisher Metals Corp.
Kingfisher Metals is a Canadian-based exploration company focused on underexplored district-scale projects in British Columbia. Kingfisher has three 100-per-cent-owned district-scale projects that offer potential exposure to high-grade gold, copper, silver and zinc. The company currently has 103,007,272 shares outstanding.
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