Kingfisher increases private placement to $4.9-million
2022-05-26 09:47 ET – News Release
Mr. Dustin Perry reports
KINGFISHER ANNOUNCES UPSIZE TO PRIVATE PLACEMENT FINANCING
Further to its news release dated April 27, 2022, and due to investor demand, Kingfisher Metals Corp. has upsized its non-brokered private placement from gross proceeds of up to $3-million to up to $4.9-million through the issuance of charity flow-through units at a price of 28 cents per charity unit and flow-through units at a price of 24 cents per flow-through unit of the company.
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) (the “Tax Act”)), that will qualify as “flow through mining expenditures” within the meaning of the Tax Act.
All terms of the Offering remain the same, provided that the Company intends to issue up to a total of 17,891,671 Offered Units. Each Offered Unit will be comprised of one common share of the Company (each, a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”), with each Warrant being exercisable for one Common Share at an exercise price of C$0.35 per Common Share at any time up to 24 months following the closing date of the Offering.
In connection with the Offering, the Company may pay finder’s fees to certain finders, which fees would be a cash payment equal to up to 7% of the gross proceeds raised by purchasers introduced by such finders, and the issuance of non-transferable compensation warrants equal to up to 7% of the number of Offered Units purchased by purchasers introduced by such finders (each, a “Compensation Warrant”). Each such Compensation Warrant will be exercisable for one Common Share at an exercise price of C$0.35 per Common Share at any time prior up to 24 months following the closing date of the Offering.
The Offering is expected to close on or about June 7, 2022, and is subject to approval of the TSX Venture Exchange. All securities issued pursuant to the Offering and as payment of any finder’s fees, including Common Shares issuable upon the exercise of Warrants or Compensation Warrants, if any, will be subject to a hold period of four months and one day after the date of closing of the Offering.
About Kingfisher Metals Corp.Kingfisher Metals Corp. (https://kingfishermetals.com/) is a Canadian based exploration company focused on underexplored district-scale projects in British Columbia. Kingfisher has three 100% owned district-scale projects that offer potential exposure to high-grade gold, copper, silver, and zinc. The Company currently has 85,173,300 shares outstanding.
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