Knick Exploration Inc. Announces Proposed Private Placement


Follow this company

Companies Mentioned

TSX.V:KNX
01/15/2014 [ACCESSWIRE]

Val-d'Or, Quebec, January 15, 2014. Knick Exploration Inc. (<<Knick>>) is pleased to announce a proposed non brokered private placement of a maximum of up to 500 flow-through units at a price of $1,000 per flow-through unit for an aggregate amount of $500,000.

Each flow-through unit will be comprised of 18,000 common flow-through shares, 2,000 common shares and 20,000 common share purchase warrants. All the common flow-through shares and common shares, included in the flow-through units, will be issued at a price of $0.05 per share. Common share purchase warrants comprised in the flow-through units will entitle the holder thereof to purchase one additional common share at a price of $0.10 for the period of 24 months following the closing of the private placement.

Knick will use the proceeds from the placement of common flow-through shares for a drilling campaign that will be focused on the Gold-Tungsten Area of Knick's Trecesson Property. The area covers the North-East part of Trecesson Batholith where a 13,500 lb bulk sample, taken in 1951 on the No. 9 vein, by George Dumont, returned a grade of 0.45% WO3. The No. 9 vein has been traced for a length of 450 meters with reported widths up to 7 meters. Gold is also associated with this vein and a grab sample by the company assayed 420 g/t of gold.

The tungsten affiliation with gold in the Trecesson Batholith vein systems increases the potential of outlining economical deposits in the area.

The net proceeds from the common shares will be use as working capital of Knick.

Knick do not intend to pay any finder's fees or commission. However, should an accredited investor be introduced by a stock broker, Knick may then decide to pay a commission in accordance with the terms of Policy 5.1 of the TSX Venture Exchange.

All the shares and warrants to be issued will be subject to a four month and one day "hold period" calculated from the closing date of the private placement.

This private placement will be effected pursuant to prospectus exemptions under applicable securities legislation and regulations. The placement is subject to receipt of all necessary regulatory approvals, including that of the TSX Venture Exchange.

For more information contact:

Jacques Brunelle Gordon Neil Henriksen

President and CEO Vice president

Tel : - 819 874-5252 Tel : - 819 874-5252

Cell.: - 819 856-1387 Cell.: - 819 210-1406

Email: jbrunelle@knick.ca Email: ghenriksen@gmail.com

This new release does not constitute an offer to sell or a solicitation of an offer to buy and of the securities in the United Shares. The securities have not been and will not be registered under the United Shares Securities Act of 1933, as amended or any state securities laws and will not be offered or sold within the United-States or to United States Persons. This new release is not for distribution to United-States newswire services or for dissemination in the United-States.

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.

- 30 -

COMMENTS

Leave a comment...
 * 

Your Name
 *