Kola Announces Oversubscription of Private Placement
KOLA MINING CORP.
1305 – 1090 West Georgia Street, Vancouver, BC, V6E 3V7 Phone: +1.604.685.9316 / Fax: +1.604.683.1585
NEWS RELEASE November 7, 2013
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
KOLA ANNOUNCES OVERSUBSCRIPTION OF PRIVATE PLACEMENT
Vancouver, Canada – Kola Mining Corp. (“Kola” or the “Company”) (TSXV: KM) Mr. Nick DeMare, President, announces that the private placement announced on October 30, 2013, is oversubscribed. The Company now proposes to issue up to 658,800 units at $0.07 per unit (the “Unit”) for gross proceeds of $46,116. Each Unit consists of one common share and one half of one common share purchase warrant (the “Warrant”). Each whole Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.10 per Warrant for a period of five years from the date of closing of the private placement financing. Certain insiders of the Company are participating in the private placement.
The net proceeds from the private placement financing will be used for general working capital purposes including general exploration costs to seek out and conduct due diligence on resource property acquisition opportunities.
The securities issued under the private placement financing will be subject to a four-month hold period from the date of closing. The closing of the private placement is subject to, among other things, acceptance from the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
On behalf of the Board, Company Information
1305 – 1090 West Georgia St., Vancouver, BC, V6E 3V7 Company Contact: Nick DeMare +1 (604) 685 9316
“Nick DeMare”
Nick DeMare, President
Forward Looking Statements This Company news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information available to the Company's management as of the date of this news release. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer or landholders relations, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
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