Val-D'Or, Quebec, Canada, November 28, 2012. Knick Exploration Inc. is pleased to announce that it has held a final closing of its previously announced private placement with MGI Securities Inc. ("MGI") by issuing 900,000 "flow-through" shares at a price of $0.10 per "flow-through" share and 500,000 units, for proceeds to Knick of $130,000. In total, Knick has raised $620,000 pursuant to such private placement.
Each unit comprises one common share at a price of $0.08 and one share purchase warrant entitling its holder to purchase one additional common share at a price of $0.15 for a period ending November 28, 2014.
Knick will use the proceeds from the placement of "flow-through" shares to incur exploration drilling expenses on either the East-West or Trecesson mining properties and the proceeds from the units to pay the MGI commission, the cost of the private placement and for general and administrative purposes.
As consideration for acting as agent, Knick paid MGI a cash remuneration of $4,000, and issued agent's warrants to MGI entitling it to purchase 140,000 common shares at a price of $0.15 per share until November 28, 2014.
All the foregoing securities, including those of MGI Securities Inc. are subject to a hold period expiring on March 29, 2013.
Following the closing of the first tranche of the private placement, there are a total of 44,220,874 common shares of Knick issued and outstanding.
For more information, please contact:
President and CEO
Knick Exploration Inc.
536, 3e Avenue
Val-D'Or (Quebec) J9P 1S4
Tel : - 819 874-5252
Neither 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.
Leave a comment...