Killdeer Minerals Announces Financing
01 December 2009 - 9:15AM
Marketwired
Killdeer Minerals Inc. (TSX VENTURE: KMI) ("Killdeer" or the
"Company") has agreed to complete a non-brokered private placement
(the "Financing") to raise gross proceeds of up to $1,000,000.
Under the terms of the Financing, the Company will issue up to
2,500,000 non flow-through units (the "NFT Units") at a price of
$0.20 per unit, and up to 2,000,000 flow-through units (the "FT
Units") at a price of $0.25 per unit.
Each NFT Unit will consist of one common share (the "NFT
Shares") and one-half of a share purchase warrant (the "NFT
Warrants"). Each whole NFT Warrant will entitle the holder to
purchase one additional common share at a price of $0.30 per share
during the first year and thereafter at $0.40 per share during the
second year from the closing date of the Financing (the "Closing
Date").
Each FT Unit will consist of one flow-through common share (the
"FT Shares") and one-half of a non flow-through share purchase
warrant (the "FT Warrants"). Each whole FT Warrant will entitle the
holder to purchase one additional non flow-through common share at
an exercise price of $0.35 per share during the first year and
thereafter at $0.45 per share during the second year from the
Closing Date.
Further terms of the Financing provide that if the Company's
shares close on the TSX Venture Exchange at any time four months
after their date of issue for twenty consecutive trading days at a
price of $0.50 per share or higher during the first year of the
exercise period and at a price of $0.65 per share or higher during
the second year of the exercise period, the Company may accelerate
the expiry time to 30 calendar days from the date of express
written notice delivered to the NFT and/or FT Warrant holders by
way of registered mail, or thereafter the unexercised NFT and/or FT
Warrants will be forfeited and terminated.
The Company may pay finder's fees to arm's length finders equal
to 8% of the gross proceeds raised, which may be payable in cash or
shares as negotiated with each finder in accordance with TSX
Venture Exchange policy.
The funds raised from the Financing will be used for general
working capital purposes and for exploration work on the Company's
mineral properties in Canada.
The Company also wishes to announce that, further to its October
8, 2009 news release, the Company will not proceed with and will
cancel the granting of 449,000 options at $0.20 per share with a 5
year term.
KILLDEER MINERALS INC.
Mike Elson, President & Chief Executive Officer
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 news release.
Contacts: Killdeer Minerals Inc. Stan Szary Director (604)
685-6989 (604) 685-6961 (FAX) www.killdeerminerals.com
(TSXV:KMI)
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