Knick Completes Two Private Placements for an Aggregate Amount of $920,000
Val d'Or, Quebec, Canada / TheNewswire / September 15, 2016 - Knick Exploration Inc. ("Knick") is pleased to announce the closing today of a non-brokered private placement of Flow-Through Units for an amount of $420,000 as well as the closing of the second tranche of a non-brokered private placement of Units for an amount of $200,000. Together with the first tranche of $300,000 completed on August 23, 2016, Knick has thus raised an aggregate amount of $920,000 pursuant to the two private placements.
Pursuant to the Flow-Through financing, 420 Units were issued, at a price of $1,000 per Unit. Each Unit is comprised of 4,000 common shares, 16,000 flow-through common shares and 20,000 warrants. All shares were issued at a price of $0.05 and each warrant entitles its holder to purchase 1 common share at a price of $0.08 until September 15, 2017. A total of 8,400,000 common shares and 8,400,000 warrants were issued. Two directors participated in this placement for a total amount of $ 20,000.
Pursuant to the closing of the second tranche of the Units financing, a total of 4,000,000 common shares and 4,000,000 warrants were issued. The shares were issued at a price of $0.05 and each warrant entitles its holder to purchase 1 common share at a price of $0.05 until March 15, 2018.
The securities issued pursuant to the two placements, which have received the conditional approval of the TSX Venture Exchange, will be subject to a hold period of 4 months and 1 day. Finders fees of $10,500 were paid in connection with the two private placements.
The proceeds from the private placements are slated for Knick's anticipated drill program on its East-West gold property this October. Mr. Martin Demers, P. Geo., will be the team leader for the drilling campaign.
Presidential Comments:
"Let's drill"
Knick thanks its investors both long standing and recent for their support. The support of Knick's investors has provided the company the capacity to seize opportunities in the prospective gold and base-metal sector and continues to avail the company in advancing its projects. The funds, now in place, give Knick the base for the start of drilling on the East-West gold property. The goal of the drill program is to delineate a NI43-101 compliant resource on the property by year end.
The East-West Property
Knick's 100% owned East-West gold property is situated in the Val d'Or mining camp of Quebec Canada. Its adjacent property neighbours along strike are Wesdome Gold Mines Ltd. (TSX: WDO) Kiena Mine and Osisko Mining Inc. (TSX: OSK) Marban Mine. There is no guarantee that similar gold mineralization is present and or will be found on the East-West property.
Gordon N. Henriksen, P. Geo., Vice President of Knick Exploration, is the Company's qualified person as defined by National Instrument 43-101. He has reviewed and approved the contents of this press release.
We seek Safe Harbour.
Forward-Looking Statements
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.
This Press Release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties.
FOR MORE INFORMATION, CONTACT:
Jacques Brunelle Gordon N. Henriksen
President & CEO Vice President
Knick Exploration Knick Exploration
819-874-5252 819-874-5252
Cell: 819-856-1387 Cell: 819-210-1406
Copyright (c) 2016 TheNewswire - All rights reserved.
