King Global Ventures Inc. Announces Closing of Private Placement
Vancouver, May 19, 2020, King Global Ventures Inc. ("King" or the "Company") (TSXV:KING) reports that it has closed its private placement announced on May 6, 2020 and has issued 40 million units at $0.015 per unit for gross proceeds of $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 two years from closing, subject to the Company's option to accelerate expiry in the event that the shares close at, or above, $0.07 for 10 consecutive trading days.
The pricing of the offering is in reliance of the temporary relief measures established by the TSX-V on April 8, 2020.
The proceeds from the offering will be used for general working capital, repayment of arms-length debt of approximately $84,000 and for resource project evaluation and acquisitions. None of the funds will be utilized to pay for management fees, to related parties or for investor relations activities.
In connection with the financing, the Company has paid cash of $11,940 to certain member firms and has issued a total of 2,656,000 finders' warrants. Each finder's warrant may be exercised to acquire a share at five cents for six months.
The securities issued pursuant to the private placement will be subject to a four-month hold period expiring September 20, 2020. Mr. John F. Cook, President and a director of the Company, subscribed for 5,000,000 units for proceeds of $75,000.
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 info@kingtsxv.com
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.
