Kapuskasing Gold Closes Private Placement
TSX VENTURE: KAP
Vancouver, British Columbia (FSCwire) - KAPUSKASING GOLD CORP. (TSX-V: KAP) (the “Company” or “KAP”), announces that further to its news release of April 25, 2017, the Company has closed on a total of 2,960,000 Non Flow-Through Units (“NFT Units”) at a price of $0.05 per NFT Unit and 886,664 Flow-Through Units (“FT Units”) at a price of $0.06 per FT unit for aggregate gross proceeds of $201,199.84 (the "Offering").
Each NFT Unit consists of one NFT Common Share (a “NFT Share”) and one Non Flow-Through share purchase warrant (“NFT Warrant”). Each FT Unit will consist of one FT Common Share (a “FT Share”) and one half of one NFT warrant. Each whole NFT Warrant will entitle the holder to purchase one NFT Share at $0.10 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 October 12, 2017, in accordance with applicable Canadian securities laws. Net proceeds of the private placement will be used for general working capital purposes and to advance the company’s mineral properties. The Offering remains subject to final acceptance by the TSX Venture Exchange.