Kinbauri Announces $1 Million Strategic Investment by Anglo Pacific to Compliment $7.5m Royalty Financing and Accelerated Drill
24 April 2008 - 1:06AM
Marketwired
OTTAWA, ONTARIO (TSX VENTURE: KNB)(FRANKFURT: 3KG.DE) wishes to
announce that in conjunction with a $7.5M royalty financing with
Anglo Pacific Group PLC ("AngloPac") (press release of March 10th,
2008) it has completed a non-brokered private placement with
AngloPac for 1,250,000 units of Kinbauri at a price of $0.80 per
unit for gross proceeds of $1M. Each unit is comprised of one
common share and one-half warrant, each whole warrant entitling the
holder to acquire one common share at an exercise price of $1.00
until April 21st, 2009. There are no fees attached to this private
placement.
During the past several months Kinbauri has exceeded
expectations in the progress of, and results received from, its
23,000 metre infill drilling program at the El Valle/Carles project
in Spain and indications are that the program will be finished
ahead of schedule. Results from the drilling show numerous lengthy
intersections and strong assays of gold and copper (See Press
Releases of April 17, April 1; March 18, March 7; February 27,
February 14 and January 29, 2008; and December 13, 2007). The $1M
equity placement in conjunction with the $7.5M royalty financing,
which is expected to close by the end of April upon final
registration of documents in Spain, will fully fund Kinbauri so
that it can maintain its accelerated drill program at El
Valle/Carles and deliver a feasibility study for the recommencement
of production there by the end of 2008. Subsequent to the
feasibility study, Kinbauri intends to primarily finance its
pre-production needs through debt financing.
Kinbauri is extremely pleased to have AngloPac as a significant
shareholder. This placement, in conjunction with their NSR
purchase, is a strong vote of confidence for Kinbauri's plan to
recommence mining at El Valle/Carles by 2010. Kinbauri looks
forward to working with AngloPac towards this mutual goal.
Kinbauri is a TSX VENTURE - Tier 1 Mineral Exploration Company
focused on expanding and upgrading resources to reserves at its El
Valle property in Asturias, Spain in order to start operations at
the mine and mill complex there in 2010. Upon restart, El Valle
will become the largest gold producer in Western Europe. Kinbauri
plans to advance its North American properties via joint ventures.
Kinbauri currently has 46,786,876 common shares issued and
outstanding.
VISIT Kinbauri Gold's Hub at http://www.agoracom.com/IR/kinbauri
where investors can post questions and receive answers or review
questions and answers already posted by other investors. Kinbauri
Web-Site: www.kinbauri-gold.com.
This press release contains certain forward-looking statements,
which are based on the opinions and estimates of management at the
date the statements are made, and are subject to a variety of risks
and uncertainties and other factors that could cause actual events
or results to differ materially from those projected. Kinbauri
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on
forward-looking statements.
THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP. THE TSX
VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: North America Kinbauri Gold Corp. Darrell Munro, BB.A,
LL.B Manager Corporate Communications 613-836-0198
dmunro@kinbauri-gold.com Europe INVESTEL Ruediger (Rudy) Hnyk CEO
Investor Relations & Telecommunications ceo@investel.de
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