King’s Bay Gold Corporation Announces Closing of Private Placement 3.01.17
January 3, 2017 – King’s Bay Gold Corporation (the “Company”) (TSXV: KBG) is pleased to announce that it has completed a non-brokered private placement (the “Financing”) of 12,516,700 units (each, a “Unit”) at a price of $0.075 per Unit for gross proceeds of $938,752.50. Each Unit consists of one common share of the Company and one non-transferable common share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share (each, a “Warrant Share”) of the Company at a price of $0.12 per Warrant Share for a period of 2 years from the closing of the Financing.
In connection with the Financing, the Company paid cash finder’s fees of $6,600 and issued 33,600 shares and 33,600 share purchase warrants (the “Finder’s Warrants”) to certain finders. The Finder’s Warrants have the same terms as the Warrants.
The Company intends to use the proceeds of the Offering as follows: $100,000 G & A, $90,000 salaries, $100,000 corporate development, $50,000 legal, accounting and regulatory fees, property acquisition costs $100,000, travel and promotion $60,000 unallocated working capital $100,000, and exploration expenditures of $500,000.
All securities issued in connection with the Financing are subject to a statutory hold period expiring four months and one day after the closing of the Financing. Insiders of the Company subscribed for an aggregate of 373,333 Units under the Financing, which is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The participation of the insider in the private placement was exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(a) of MI 61-101 in that the fair market value of the consideration of the shares to be issued to the insider did not exceed 25{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Company’s market capitalization. None of the securities issued in connection with the financing will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there by any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
ON BEHALF OF THE BOARD OF DIRECTORS
King’s Bay Gold Corporation
Kevin Bottomley
President and Chief Executive Officer
Tel: (604) 681-1568 Email: Kevin@kingsbayres.com
For investment inquiries please contact Brad Hoeppner Director Tel: (604) 681-1568 Email: Brad@kingsbayres.com
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
© 2017 Canjex Publishing Ltd. All rights reserved.
- Published in King's Bay, Mining, News Home
Zimtu Capital Corp. Announces Transaction With King’s Bay
Vancouver, British Columbia (FSCwire) – December 14, 2016 – Zimtu Capital Corp. (TSXv: ZC; FSE: ZCT1) (the “Company” or “Zimtu”) announces it has signed an agreement with King’s Bay Gold Corporation (TSXv: KBG; FSE: KGB1) for its ZimtuADVANTAGE program.
ZimtuADVANTAGE is a program designed to provide opportunities, guidance, cost savings and assistance to companies covering multiple aspects of being a public company. The services may include building financial networks, building business networks, shared costs with other public companies, building a social media presence, conference opportunities, media outlets and guidance and special group pricing provided by Zimtu’s network of public company professionals. The program provides the flexibility to allow companies to customize the products and services to best support their needs. The program also provides participating companies access to and meetings with Zimtu’s market participants in Europe and North America.
About King’s Bay Gold Corporation
King’s Bay Gold Corporation is a Canadian resource exploration company focused on cobalt and other high-tech metals in North America. The company believes in this emerging fast-growth sector. For more information, visit the corporate website at http://www.kingsbayres.com.
About Zimtu Capital Corp.
Zimtu Capital Corp. is a public investment issuer that invests in, creates and grows natural resource companies. The Company also provides mineral property project generation and advisory services helping to connect companies to properties of interest. For more information, visit the corporate website at http://www.zimtu.com.
On Behalf of the Board of Directors
ZIMTU CAPITAL CORP.
David Hodge
President & Director
Tel: 604.681.1568
Neither 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ZimtuDec142016.pdf
Source: Zimtu Capital Corp. (TSX Venture:ZC, FWB:ZCT1)
- Published in King's Bay, Mining, News Home
King’s Bay to Acquire 100 Interest in Lynx Lake Copper-Cobalt Property in Labrador
Surface samples show significant concentration of cobalt, an important element in rechargeable batteries
Vancouver, British Columbia (FSCwire) – King’s Bay Gold Corporation(TSX.V: KBG), (FSE: KGB1), operating as “King’s Bay”, a mining exploration and development company based in Vancouver, has signed a definitive agreement to acquire 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in a cobalt property located in southern Labrador.
The Property
The project consists of 66 mineral claims encompassing approximately 20 square kilometers, located 100km southeast of Happy Valley-Goose Bay, Newfoundland and Labrador. Prior to 2008, the area was deemed remote and remained virtually unexplored even after interest in Labrador grew due to the discovery of Voisey’s Bay Ni-Cu-Co mine. Thanks to the construction of the new Trans-Labrador Highway that runs through the property, the area is now easily accessible.
In 2008, areas of disseminated and massive sulphide were discovered in bedrock after blasting by the Department of Transportation for road aggregate. In 2009, sampling and assaying of grab samples from the aggregate quarry by local prospectors produced assays of up to 1.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} copper, 0.94{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} cobalt, 0.21{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} nickel and 6.5 g/t silver. Government regional low resolution residual magnetic surveys and preliminary EM-16 (hand held geophysical unit) surveys done by local prospectors in 2014 show strong conductors beneath the overburden and provide incentive to explore the area further for more surface and sub surface mineralization.
The initial samples taken in the eastern portion of the property were followed in 2015 by surface grab sampling in the western side of the property. These new results were equally as promising yielding 1.03{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Copper, 0.566{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Cobalt, 0.1{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Nickel, 5.0 g/t silver, 0.36{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Chromium, 0.39{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Molybdenum and 0.23{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} Vanadium. These values should not be relied upon as a representation of the whole area. The property has never been drilled and the amalgamation of these results suggests the possibility for a larger body of mineralization in the area.
In the addition to excellent road accessibility to deep sea water ports and the proximity to the town of Happy Valley-Goose Bay, the property offers the ability to easily obtain electricity from a 3 phase power line that runs directly adjacent to the property.
With energy metal prices on the rise, King’s Bay feels that it is a great time to explore this property.
Geology
The property is situated in the Grenville Province and is Proterozoic in age. It is separated by a north easterly trending fault. The western portion of the property is underlain by granite, granodiorite and gneiss that varies texturally from weakly foliated to well banded. The eastern portion of the property is underlain by granite, amphibolite with massive gabbro, norite and troctolite units. Detailed bedrock mapping will help better define the local geology of the area.
Exploration
The property is workable year round and King’s Bay has already deployed a team for a preliminary surface sampling program on the existing pits, as well as a reconnaissance program and an EM-16 survey on the surrounding land package to possibly locate more undiscovered exposure and conductors. During the winter, the preliminary program will be followed by data compilation and initiation of an airborne geophysical survey to locate high priority drill targets. Extensive exploration is required to confirm the above preliminary results, as they do not conform to the NI 43-101 rules and regulations.
About Cobalt
At this time, the price of cobalt is rising due to a combination of factors. Some of these factors are related to unsettled conditions in areas such as the Democratic Republic of Congo, where the majority of the world’s cobalt is recovered. Other factors include an increased demand for rechargeable batteries. A single rechargeable ion car battery contains as much as 20 kilograms of cobalt. In addition to batteries, cobalt is used in alloys for aircraft engine parts and for alloys with corrosion/wear resistant uses. Cobalt also has many medical uses; cobalt isotopes are used to produce stable dichromatic beams in “cobalt therapy”, which is used to treat cancer. Molybdenum is also an important element of interest and can be used in fertilizer as well as battery electrodes.
Consideration
The purchase price of the property is in cash and stock subject to TSX-Venture Exchange approval. The cash price to the vendor is $100,000, in payments of $10,000 upon the acceptance of the agreement, and $30,000 on each of the subsequent three anniversaries of the agreement. As well, King’s Bay will provide the vendor with 900,000 common shares of its stock, 200,000 shares upon exchange approval, followed by 300,000 on the first year and 400,000 more on the second year of the agreement.
NI 43-101 Disclosure
Garth Graves is a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release. All geochemical assays were confirmed by original assays certificates from Eastern Analytical and Actlabs.
About King’s Bay
King’s Bay is focused on the exploration of cobalt and other high-tech metals in North America. The company believes in this emerging fast-growth sector and will continue to seek out and evaluate properties that show promise for development. King’s Bay Gold Corp is operating as King’s Bay.
On Behalf of the Board,
Kevin Bottomley
CEO, President
For more information, please contact:
Brad Hoeppner
Director
O: 604 681 1568
E: Brad@kingsbayres.com
Forward looking statements
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. For example, forward looking statements in the news release include the assumption that the transaction will be approved and that the Company will be able to raise funds to pay the property payments and carry-out exploration programs. These forward-looking statements 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 in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that the Company may not raise sufficient funds to carry out our plans, changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on current data that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine cannot be obtained. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/kingsbay10272016.pdf
Source: Kings Bay Gold Corporation (TSX Venture:KBG)
- Published in King's Bay, Mining, News Home
King’s Bay Gold Corporation Announces Management Changes
Vancouver, British columbia (FSCwire) – King’s Bay Gold Corporation (TSXv: KBG) (the “Company” or “King’s Bay”) announces the appointment of Kevin Bottomley as President & Chief Executive Officer (CEO) of the Company.
Kevin has spent the last 12 years with Zimtu Capital Corp. and Commerce Resources Corp. During that time Kevin has assisted in raising over 75 million dollars and has handled the corporate communications for the companies. Kevin has built and maintained strong business relationships in North America, Europe and Asia.
“I look forward to the opportunity to steward King’s Bay in a new direction. The overall markets have been challenging to say the least. There are clear signs of optimism now and Kings Bay will be well positioned to take advantage of this momentum.”
The Company has accepted the resignation of Dusan Berka as President and CEO of the Company. Mr. Berka will remain a director of the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
King’s Bay Gold Corporation
“Kevin Bottomley”
Kevin Bottomley
President & CEO
Tel: (604) 681-1568
This news release includes certain forward-looking statements concerning the future performance of King’s Bay Gold Corporation’s business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements are frequently identified by such words as “may”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. These forward-looking statements represent management’s best judgment based on current facts and assumptions that management considers reasonable. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing and as described in more detail in the Company’s recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking statements and readers are cautioned against placing undue reliance thereon.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/kingsbay09232016.pdf
Source: Kings Bay Gold Corporation (TSX Venture:KBG)
- Published in King's Bay, Mining, News Home