King’s Bay Resources Corp. Announces Closing of Second & Final Tranche of Private Placements

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King’s Bay Resources Corp. Announces Closing of Second & Final Tranche of Private Placements

King’s Bay Resources Corp. Announces Closing of Second & Final Tranche of Private Placements

King’s Bay is a Vancouver based company focused on the exploration of cobalt, and other high-tech metals in North America. The company believes in this emerging fast-growth sector, and will continue to seek out and evaluate properties that show promise for development.
King’s Bay Gold Corp is operating as King’s Bay.

August 30, 2017


King’s Bay Resources Corp. (the “Company”) (TSXV: KBG)(FSE:KGB1) is pleased to announce that further to its news releases dated June 26, 2017 and July 14, 2017,


it has completed the second and final tranche of a non-brokered, non-flow through private placement (the “NFT Private Placement”) of 615,000 units (each, a “Unit”) at a price of $0.10 per Unit for gross proceeds of $61,500 and a non-brokered, flow-through private placement (the “FT Private Placement”) of 200,000 flow-through shares (each, a “FT Share”) at a price of $0.125 per FT Share for gross proceeds of $25,000 (collectively, the “Financing”).


The Company has raised a total of $402,750 from the closing of the first and second tranches of the Financing.


The NFT Private Placement consisted of one common share of the Company and one non-transferable common share purchase warrant (a “Warrant”).  Each Warrant will entitle the holder to purchase one common share of the Company at a price of $0.15 until August 30, 2019.


In connection with the FT Private Placement, the Company paid cash finder’s fee of $2,000 to certain finders.


The Company intends to use the proceeds of the Financing for exploration expenditures and working capital.


All securities issued in connection with the Financing are subject to a statutory hold period expiring four months and one day after the closing of the Financing.


Two Insiders of the Company subscribed for an aggregate of 100,000 Units under the Financing, which is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”).  The participation of the insiders in the private placement was exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(a) of MI 61-101 in that the fair market value of the consideration of the shares to be issued to the insider did not exceed 25% of the Company’s market capitalization.



King’s Bay Resources Corp.

 “Kevin Bottomley”

Kevin Bottomley

President and Chief Executive Officer

Tel: (604) 681-1568


For investment inquiries please contact

Jared Rushton, Corporate Development

Tel:  (604) 681-1568


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.


Forward-Looking Statements. This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements in this release, including our intended closing on the $250,000 proposed financing and our planned expenditures with these funds. Forward-looking statements involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause our forward looking statements to differ from events include that we may not close on $250,000 in financing or any part of it; and that other expenditures may be required to be made by the Company and take precedence over our planned expenditures. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will not update or revise publicly any of the included forward-looking statements except as expressly required by Canadian securities law.