Vancouver, B.C. (January 15, 2021) Kingman Minerals Ltd. (TSX-V:KGS) (FSE:47A1) (“Kingman” or the “Company”) is pleased to announce that the TSX Venture Exchange has accepted for filing a financing for gross proceeds of $1,059,785 by issuing 15,139,785 units at a price of $0.07 per unit. Each unit consists of one common share and one transferrable share purchase warrant exercisable at a price of $0.10 for one year from the date of issuance. All shares and warrants issued pursuant to this financing will be subject to a statutory hold period of 4 months plus a day from the date of closing.
Finder’s Fees of 6% cash only will be paid to various finders’ as follows: $6,300.00 will be payable to Leede Jones Gable, $10,560.30 will be payable to Mr. Ken Macleod, $6,390.00 will be payable to Jonathan Hamway, $1,680.00 will be payable to Haywood Securities Inc., $12,600.00 will be payable to PI Financial Corp., $14,233.80 will be payable to Canaccord Genuity, and $3,780.00 will be payable to Foster & Associates.
Pro-Group members subscribed for a total of $82,950.00.
Proceeds from the placement will be used for general working capital and further exploration and development activities, including the proposed drill program permitted for in 2020.
Kingman is also pleased to announce that it intends to proceed with a subsequent private placement to raise up to $1,080,000 by selling up to a maximum of 12,000,000 units at a price of $0.09 per unit. Each unit sold will contain one (1) common share and one (1) transferrable share purchase warrant. Each warrant will be exercisable at a price of $0.12 for a period of two years from the date of issuance.
Closing of the offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance, in accordance with applicable securities legislation
Additionally, the Company would also like to announce that it has granted 3,200,000 incentive stock option to directors, officers, and consultants of the Company with an exercise price of $0.12 per share for a period of ten years from the date of grant.
All options will be granted in accordance with the Company’s 10% Rolling Stock Option Plan.
The Company also reports that it did not complete the transaction announced on September 24, 2020 for the Music Mountain EXT property and has acquired 51 additional claims in the Mohave project area for cost. These additional claims will comprise part of the Mohave Project.
Kingman Minerals Ltd. is currently engaged in the business of precious metal mineral exploration for the purpose of acquiring and advancing non grass roots mineral properties located in mining friendly jurisdictions of North America.
The Mohave Project (the “Project”) is located in the Music Mountains in Mohave County, Arizona and is comprised of 71 lode claims which are inclusive of the past producing Rosebud Mine (the “Rosebud”). High grade gold and silver veins were discovered in the area in the 1880’s and were mined mainly in the late 20’s and 30’s. Underground development on the Rosebud property included a 400-foot shaft and approximately 2,500 feet of drifts, raises and crosscuts.
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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. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Kingman believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Kingman disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.