Knick Exploration Inc. Changes The Terms of its $1,500,000 Private Placement
07.12.2016 | The Newswire
Val d'Or, December 7, 2016 - Knick Exploration Inc. (TSXV: KNX) ("Knick") announces that the terms of its private placement announced on October 25, 2016 have been amended. The private placement shall now be a non-brokered private placement.Knick shall offer a maximum of 10,000,000 units for gross proceeds of $500,000 and a maximum of 20,000,000 flow-through shares for gross proceeds of $1,000,000. Each unit shall be offered at $0.05 and shall consist of 1 common share and 1 common share purchase warrant (a "Warrant"). Each Warrant shall entitle its holder to purchase a common share at a price of $0.08 for a period of 12 months. Each flow-through share shall be offered at $0.05.
Pursuant to the Offering, Knick may pay to finders fees equal to 8% of the gross proceeds of the Offering as well as finder warrants to acquire a number of common shares equal to 8% of the number of shares sold under the Offering. Each finder warrant shall entitle its holder to purchase a common share at a price of $0.08 for a period of 12 months.
The net proceeds of the Offering shall be used for exploration work on the East-West property and for working capital. The closing of the Offering is subject to the approval of the TSX Venture Exchange. The securities issued pursuant to the Offering shall be subject to a 4 month and 1 day hold period.
There are currently 82,822,868 common shares of Knick issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
FOR MORE INFORMATION, CONTACT:
Knick Exploration Inc.
Jacques Brunelle, President & CEO
819-874-5252, 819-856-1387
Gordon N. Henriksen, Vice President
Val-d'Or, Quebec
819-874-5252, 819-210-1406