Offering funds Gnaweeda Gold Project and Alexander River Gold Project
By Devika Patel
Knoxville, Tenn., Nov. 16 - Kent Exploration Inc. said it has arranged a non-brokered private placement of units.
The company will sell 9 million units at C$0.12 apiece for C$1.08 million. Each unit consists of one common share and one warrant.
Each two-year warrant is exercisable at C$0.18 in the first year and at C$0.22 after the first year. The strike prices are 50% and 83.33% premiums to C$0.12, the Nov. 15 closing share price.
Proceeds will be used for the Gnaweeda Gold Project in Western Australia, the Alexander River Gold Project in New Zealand and general and corporate purposes.
The mineral explorer is based in Vancouver, B.C.
| Issuer: | Kent Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.08 million
|
| Units: | 9 million
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.18 in the first year, C$0.22 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 16
|
| Stock symbol: | TSX Venture: KEX
|
| Stock price: | C$0.12 at close Nov. 16
|
| Market capitalization: | C$5.36 million
|
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