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NOT FOR DISTRIBUTION TO UNITED STATES PRESS SERVICES OR FOR US BROADCAST USE
VANCOUVER, British Columbia, July 29, 2019 (GLOBE NEWSWIRE) – K2 Gold Corporation. ( 'K2") (TSX-V: KTO) is pleased to announce its intention to raise C $ 1,000,000 through a non-brokered private placement. The Company will issue up to 4,000,000 Units for aggregate gross proceeds of $ 1,000,000.
Each unit will be issued at a price of $ 0.25 and will consist of one common share of K2 and one-half of one common share purchase warrant (each being a "unit"). Each warrant may be exercised to acquire one common share of K2 at a fiscal year price of C $ 0.40 for 24 months from the closing date of the private placement. The common share purchase warrants will be accelerated at the option of K2 if its common shares are traded on the TSX Venture Exchange at a volume weighted average price ("VWAP") of C $ 0.50 or more for a period of ten consecutive trading days. .
The closing of the private placement is expected to occur on or about August 13 and is subject to receipt of all necessary regulatory approvals, including from the TSX Venture Exchange. All securities issued under the private placement will be subject to a four-month holding period in accordance with applicable Canadian securities laws. There is no material fact or change regarding K2 that has not been disclosed generally.
K2 has agreed to pay investor fees by way of warrants equal to 6% of the total number of units subscribed for under subscriptions organized by them. Each warrant may be exercised for one common share at a price of CA $ 0.40 for a period of 24 months following the closing date of the private placement.
K2 intends to use the net proceeds from the private placement for exploration activities on the Company's project portfolio and for general working capital purposes.
K2 is a project-based gold exploration company in Yukon, Alaska and the southwestern United States.
For more information, please contact Stephen Swatton at 604-331-5093.
On behalf of the board of directors,
Stephen Swatton
President and CEO
K2 Gold Corporation
Prospective warning:
This press release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially from these forward-looking statements include the TSXV's acceptance of the Private Placement, the timing and completion of the Private Placement and the expected aggregate gross proceeds of the Transaction. private placement. The reader is referred to the Company's public disclosure record available on SEDAR (www.sedar.com). Although the Company believes that the badumptions and factors used in the preparation of the forward-looking statements are reasonable, these statements should not be relied upon unduly, as they apply only as of the date of this press release, and nothing only guarantees that events will occur in a timely manner or not at all. Except as required by securities laws and policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information. , future events or otherwise.
This press release does not constitute an offer to sell or a solicitation of an offer to purchase. The Securities will not be sold in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any securities in the United States of America. No securities of the Company have been or will be, in the foreseeable future, registered under the United States Securities Act of 1933 (the "Act 1933") or securities laws of the States and may not be neither offered nor sold in the United States. or on behalf of or for the benefit of United States nationals (within the meaning of By-law S of the 1933 Act), unless they are registered under the Securities Act of 1933 and the applicable securities laws, or if an exemption from these registration requirements is available.
NI TSX VENTURE EXCHANGE AND ITS REGULATORY SERVICE PROVIDER (THIS IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) DO NOT ACCEPT LIABILITY FOR THE ACCURACY OR ACCURACY OF THE TSX VENTURE EXCHANGE. ACCURACY OF THIS RELEASE.
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