King Global Ventures Inc. Announces Private Placement
Vancouver, April 28, 2020 - King Global Ventures Inc. ("King" or the "Company") (TSXV:KING) announces has arranged a non-brokered private placement of up to 40 million units at one and one-half cent per unit for gross proceeds of up to $600,000. Each unit of the offering comprises one common share of the company and one share purchase warrant. Each warrant will entitle the holder to acquire one additional share in the capital of the company at a price of five cents per warrant for a period of one year from the date the units are issued and thereafter at seven and one-half cents for an additional year.
The pricing of the offering and debt settlement is in reliance of the temporary relief measures established by the TSX-V on April 8, 2020. In response to the COVID-19 pandemic, the TSX-V published the temporary relief measures to Policy 4.1 and Policy 4.3, lowering the minimum pricing from five cents to one cent per share for shares issued pursuant to a private placement or debt settlement, where the market price of an issuer's shares is not greater than five cents.
The proceeds from the offering will be used as follows: (1) to pay expenses and finders fees of the offering; (2) retire outstanding debt of $400,000; and (3) fund general working capital. If the offering is not fully subscribed, the proceeds will be used in such proportions as the directors and management determine are in the best interests of the company. Although the company intends to use the proceeds of the offering as described above, the actual allocation of proceeds may vary from the uses set out depending on future operations, events or opportunities.
The offering will be completed pursuant to certain exemptions from the prospectus requirements under applicable securities laws. The offering may be closed in one or more tranches. There is no minimum subscription amount. The company may pay finders' fees to eligible finders of up to 8 per cent cash and 8 per cent finder warrants. Each finder's warrant may be exercised to acquire a share at seven cents for six months.
About King Global Ventures Inc.
King's Nicaragua Gold/Copper Project is joint-ventured with TSX listed Calibre Mining Corp. (TSX-CXB).
Contact
For further information, contact John Cook, President of King Global Ventures Inc. at: (416) 200-8073 and johncook@kos.net
Cautionary and Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Columbus, including but not limited to, the uncertainty of the financing, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals. Readers are cautioned that the assumptions used in preparing such information, although considered reasonable at the time of preparation, may prove imprecise and undue reliance should not be placed on forward-looking statements. Forward-looking statements in this press release are expressly qualified by this cautionary statement.
The forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no obligations to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by applicable securities law.