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WKM West Kirkland Mining Inc

0.125
0.00 (0.00%)
22 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
West Kirkland Mining Inc TSXV:WKM TSX Venture 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% 0.125 0.125 0.13 0 01:00:00

West Kirkland Closes $29.2 Million in First Tranche of Financings

17/04/2014 2:54pm

Marketwired Canada


NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Further to its press releases of March 11, 2014 and April 9, 2014, West Kirkland
Mining Inc. (TSX VENTURE:WKM) ("West Kirkland" or the "Company") announces that
it has closed the fully marketed prospectus offering (the "Prospectus Offering")
of units of the Company (the "Units"), as well as the first tranche of the
non-brokered private placement offering of Units under substantially similar
terms as the Prospectus Offering (the "Non-Brokered Offering", and together with
the Prospectus Offering, the "Offerings"). Pursuant to the Offerings, the
Company issued 194,907,833 Units at a price of $0.15 per Unit for aggregate
gross proceeds of C$29,236,175, including the partial exercise of the
Over-Allotment Option. Each Unit in the Offerings consists of one common share
(each, a "Common Share") of the Company and one common share purchase warrant
(each, a "Warrant"), with each Warrant exercisable for one common share (each, a
"Warrant Share") at a price of $0.30 at any time prior to 5:00 pm on April 17,
2019. 


The Company intends to use the net proceeds of the Offerings to fund the
acquisition payment of US$19.5 million to Allied Nevada Gold Corp. in connection
with the acquisition of a 75% interest in the Hasbrouck gold project on or
before April 24, 2014 and for general corporate purposes. R. Michael Jones,
President, CEO and co-founder of West Kirkland said, "We are very pleased to see
such solid support from our institutional investors in a tough market climate."


Under the Prospectus Offering, the Company issued 162,615,167 Units for gross
proceeds of C$24,392,275. A commission of 6% of the gross proceeds was paid in
cash to a syndicate of agents in Canada, co-led by Cormark Securities Inc. and
PI Financial Corp. and including GMP Securities L.P. and Macquarie Capital
Markets Canada Ltd. (the "Agents"). In relation to the Prospectus Offering the
Company has granted the Agents an option (the "Over-Allotment Option") to
purchase up to an additional 15% of the Units sold under the Prospectus
Offering, at any time until 30 days following and including today's date, to
cover over-allotments and for market stabilization purposes. The Agents have
exercised the Over-Allotment, in part, to purchase 12,615,167 Units for gross
proceeds of $1,892,275. 


Under the first tranche of the Non-Brokered Offering, the company issued
32,292,666 Units for gross proceeds of C$4,843,890. The Company paid fees to
certain finders, including Sprott Private Wealth LP, representing 6% of the
gross proceeds of the Non-Brokered Offering. All securities issued in the first
tranche of the Non-Brokered Offering are subject to a statutory hold period
which expires on August 18, 2014.


The securities offered pursuant to the Offerings have not been, and will not be,
registered under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act") or any U.S. state securities laws, and may not be offered or
sold in the United States or to, or for the account or benefit of, U.S. persons
absent registration or any applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state securities
laws. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor shall there
be any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.


The Units in the Prospectus Offering were issued by way of short-form prospectus
filed in all provinces of Canada, except Quebec, and on a private placement
basis in the U.S. pursuant to Rule 144A and Regulation D, as well as in other
offshore jurisdictions. The Non-Brokered Offering was offered to accredited
investors in all provinces of Canada, except Quebec.


About West Kirkland Mining Inc. 

West Kirkland was formed in 2010 to focus on gold exploration along major
geological trends in North America. The Company has consolidated significant
mineral rights positions within the Long Canyon Trend of Nevada/Utah. The
founders and Board members of West Kirkland have successful experience in gold
discovery, mine development and mine operations in Nevada and other gold
producing jurisdictions in North America. 


For further information, please see contact us by email at info@wkmining.com. 

Disclaimer for Forward-Looking Information 

This press release contains forward-looking information or forward-looking
statements (collectively "forward-looking information") within the meaning of
applicable securities laws. Forward-looking information is typically identified
by words such as: "believe", "expect", "anticipate", "intend", "estimate",
"postulate" and similar expressions, or are those, which, by their nature, refer
to future events. Forward-looking information in this news release includes,
without limitation, statements regarding the use of proceeds. Although West
Kirkland believes that such timing as set out in this press release is
reasonable, it can give no assurance that such expectations will prove to be
correct. The Company cautions investors that any forward-looking information
provided by the Company is not a guarantee of future results or performance, and
that actual results may differ materially from those in forward-looking
information as a result of various factors, including, but not limited to, the
state of the financial markets for the Company's equity securities, the state of
the market for gold or other minerals that may be produced generally, closing of
the transaction with Allied Nevada regarding the purchase of the Hasbrouck gold
project; variations in the nature, quality and quantity of any mineral deposits
that may be located, the Company's ability to obtain any necessary permits,
consents or authorizations required for its activities, to raise the necessary
capital or to be fully able to implement its business strategies and other risks
associated with the exploration and development of mineral properties. The
reader is referred to the Company's public filings for a more complete
discussion of such risk factors and their potential effects which may be
accessed through the Company's profile on SEDAR at www.sedar.com. 


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 release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
West Kirkland Mining Inc.
R. Michael Jones
(604) 685-8311


West Kirkland Mining Inc.
Michael Allen
(604) 685-8311


West Kirkland Mining Inc.
Knox Henderson
(604) 685-8311
info@wkmining.com

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