Knick Exploration Completes the First Closing of its Private Placements for an Aggregate Amount of $896,500
15.12.2016 | The Newswire
Val d'Or, December 15, 2016 - Knick Exploration Inc. (TSXV: KNX) ("Knick") is pleased to announce the first closing today of its non-brokered private placements of units and flow-through shares for an aggregate amount of $896,500. A second and final closing will occur on December 21, 2016.An amount of $260,000 was raised in the unit financing, pursuant to which Knick issued 5,200,000 common shares at a price of $0.05 per share, as well as 5,200,000 common share purchase warrants (each a "Warrant"), each Warrant entitling its holder to purchase a common share at a price of $0.08 for a period of 12 months.
An amount of $636,500 was raised in the flow-through financing, pursuant to which Knick issued 12,730,000 flow-through common shares at a price of $0.05 per share.
In connection with the 2 placements, Knick paid finders fees of $40,500 and issued 810,000 finder warrants, each finder warrant entitling its holder to purchase a common share at a price of $0.08 for a period of 12 months.
The proceeds of the placements shall be used for exploration work on the East-West property and for working capital. The securities issued pursuant to the placements, which have received the conditional approval of the TSX Venture Exchange, shall be subject to a 4 month and 1 day hold period.
Following the first closing of the 2 private placements, there are currently 100,752,868 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