King's Bay Gold Completes $2,791,271 Brokered Private Placement.WINNIPEG, Manitoba -- Not for distribution to U.S. news wire services or dissemination in the U.S. King's Bay Gold Corporation (the "Issuer") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:KBG KBG Kentucky Bluegrass KBG King's Bay Gold Corporation (stock symbol) KBG Katherman, Briggs & Greenberg, LLP KBG Kick Butts Generation (Delaware anti-tobacco youth movement) ) is pleased to announce that it has just raised $2,791,271 under a brokered private placement offering first announced on January 31, 2006 (as amended February 1, 2006). An aggregate of 7,429,000 flow-through units were issued at a price of $0.31 per unit and 1,575,100 non-flow-through units were issued at $0.31 per unit. Each flow-through unit is comprised of one common share and one half of a common share purchase warrant. Each non-flow-through unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant can be exercised into one common share upon payment of $0.40 on or before 24 months from the date of issue. One full common share purchase warrant will entitle the holder to one common share upon payment of $0.40 on or before 24 months from the date of issue. All of the units within this offering are subject to a 4-month statutory hold, which expires on June 28, 2006. Wellington West Capital Inc. was appointed as agent for this offering. In connection with the offering, Wellington received compensation for its services of an aggregate fee of $195,388.97 and 900,410 agent's warrants. Each agent's warrant entitles the holder thereof to purchase one Class "A" Common share for a purchase price of $0.31. Agent's warrants will expire February 27, 2008. The proceeds received by King's Bay Gold Corporation from the sale of units will be used primarily for further exploration and development of the company's portfolio of properties in the Red Lake and Pickle pickle, general term for fruits or vegetables preserved in vinegar or brine, usually with spices or sugar or both. Vegetables commonly pickled include the beet, cabbage, cauliflower, cucumber, olive, onion, pepper, and tomato. Lake. The bulk of the proceeds from this offering will be used primarily by the Corporation to fund the exploration and development of the newly acquired high grade Rowan rowan ash tree which guards against fairies and witches. [Br. Folklore: Briggs, 344] See : Protection Mine project located in Red Lake, where King's Bay recently signed an Option Agreement with Goldcorp Inc. (TSX - G, NYSE NYSE See: New York Stock Exchange - GG) as announced on December 12, 2005. About King's Bay Gold King's Bay 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 King's Bay the ability to quickly adjust work programs as exploration results are realized and company strategies change. This very active Canadian mineral exploration company is debt free, well financed and has assembled a very impressive portfolio of precious metal prospects, including strategic locations in the Red Lake and Pickle Lake gold camps. TSX.V Trading Symbol Trading symbol See: Ticker symbol (KBG) On behalf of the Board: Richard Rivet, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Some of the statements contained in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , such as estimates and statements that describe KBG's future plans, objectives or goals, including words to the effect that KBG or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. does not accept responsibility for the ad equacy or accuracy of this release. King's Bay Gold Corporation (TSX VENTURE:KBG) |
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