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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Centamin Plc | TSX:CEE | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.32 | 2.25 | 2.29 | 0 | 12:06:31 |
Kria Resources Ltd. ("Kria" or "the Company") (TSX VENTURE:KIA) is pleased to announce a non-brokered private placement financing whereby the Company intends to issue up to 10,000,000 flow-through common shares (the "Flow-Through Shares") and 5,000,000 common shares (the "Common Shares") at a price of $0.20 per Flow-Through Share and $0.20 per Common Share for gross proceeds in the amount of $3,000,000. The gross proceeds from the sale of the Flow-Through shares will be used for Canadian exploration expenses that qualify as Canadian Exploration Expenses ("CEE"), as such term is defined in the Income Tax Act and will be renounced for the 2009 taxation year. The Company plans to use the net proceeds from the sale of the Common Shares to continue development of its key projects and for working capital purpose. In addition, the Company is pleased to announce that Delano Capital Corp. ("Delano"), an Ontario limited market dealer, and Axemen Resource Capital ("Axemen" and Delano collectively referred to as the "Finders") will act as Finders with respect to the offering of Common Shares. In consideration for such services the Company shall the Finders a cash finder's fee in an amount equal to 6% of the Common Shares sold and shall issue to the Finders a finder's warrant (the "Finders' Warrant"), entitling the holder thereof to acquire that number of common shares of the Company equal to 6% of the Common Shares sold at an exercise price of $0.24 for a period of 24 months following the closing of the financing. Closing of the financing is subject to receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. The Flow-Through Shares, Common Shares, and Finders' Warrants issued pursuant to the financing will be subject to a four month and one day statutory hold period. About Kria Resources Ltd. Kria Resources is a base metal exploration and development company focused on high-quality, advanced-stage base metal assets. Kria's primary asset is the Halfmile Lake and Stratmat properties near Bathurst, New Brunswick. The Halfmile Lake property has a NI 43-101 compliant Indicated mineral resource estimate of 6.26 million tonnes grading 8.13% zinc, 2.58% lead, 0.22% copper and 30.78 g/t silver using a 5.0% capped zinc equivalent cut-off grade and an Inferred resource estimate of 6.08 million tonnes grading 6.69% zinc, 1.83% lead, 0.14% copper and 20.51 g/t silver using a 5.0% capped zinc equivalent cut-off grade. A recently completed Preliminary Economic Assessment of the Halfmile Lake project (the "PEA") estimates a pre-tax NPV of C$587 million and IRR of over 16%. The PEA is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that the PEA will be realized. The Stratmat property has an Inferred Mineral Resource estimate of 5.52 million tonnes grading 6.11% zinc, 2.59% lead, 0.40% copper and 54.21 g/t silver using a 5.0% zinc equivalent cut-off grade. Kria also has the Ruttan copper-zinc sulphide project near Leaf Rapids, Manitoba that has an NI 43-101 compliant mineral inferred resource estimate of 19.75 million tonnes grading 1.17% copper and 1.47% zinc using a 1.0% capped copper equivalent cut-off grade. Please refer to the Company's technical reports filed on SEDAR for details regarding the NI 43-101 compliant resource estimates on Halfmile, Stratmat and Ruttan. Please visit our website at www.kriaresources.com for additional information. Quality Control The technical contents of this press release have been supervised and reviewed by Steve Davies, P. Eng., Vice President Operations of Kria and Dayle Rusk, P. Geo., Vice President Exploration of Kria, both of whom are Qualified Persons as defined under NI 43-101 guidelines. Cautionary Note Regarding Forward-Looking Information This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to exploration prospects, the proposed financing, completion of the proposed financing, the use of proceeds, and interest of the investment community in the Company. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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