Vancouver, BC / ACCESSWIRE / October 23, 2018 / KAPUSKASING GOLD CORP. (TSX-V: KAP) (the "Company" or "KAP"), announces that further to its news release of October 3, 2018, the Company has closed on a total of 4,000,000 Units ("Units") at a price of $0.02 per Unit pursuant to a discretionary waiver of the $0.05 minimum pricing requirement granted by the TSX Venture Exchange (the "Exchange") for aggregate gross proceeds of $80,000 (the "Offering"). Each Unit will consist of one Common Share (a "Share") and one share purchase warrant ("Warrant"). Each Warrant will entitle the holder to purchase one Share at $0.05 for 24 months from the date of issuance.
All securities issued in connection with the Offering will be subject to a four month hold period expiring on February 22, 2019, in accordance with applicable Canadian securities laws. Net proceeds from the Offering will be allocated as follows: (1) approximately $30,000 for exploration ($15,000 for the Daniels Harbour Zinc Property for mapping, prospecting, sampling and a compilation report; $15,000 for the Lady Pond Property for data compilation and planning for Phase 2 drill program); (2) approximately $50,000 for operating costs (that includes TMX fees, transfer agent, annual general meeting costs, auditor fees, geological consulting fees and general administration). The Offering remains subject to final acceptance by the TSX Venture Exchange.
Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events.
On behalf of the Board of Directors:
KAPUSKASING GOLD CORP.
Jonathan Armes
President & CEO, Director
Phone 1 (416) 708-0243
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 press release.
SOURCE: Kapuskasing Gold Corp.