Kapuskasing Gold Closes Private Placement
Vancouver, B.C., April 1, 2016 – KAPUSKASING GOLD CORP. (TSX-V: KAP) (the “Company” or “KAP”), announces that further to its news release of February 11, 2016, the Company has closed on a total of 4,180,000 Non Flow-Through Units (“NFT Units”) at a price of $0.025 per NFT Unit pursuant to a discretionary waiver of the $0.05 minimum pricing requirement granted by the TSX Venture Exchange (the “Exchange”) for aggregate gross proceeds of $104,500 (the "Offering").
All securities issued in connection with the Offering will be subject to a four month hold period expiring on August 1, 2016, in accordance with applicable Canadian securities laws. Net proceeds from the Offering will be allocated as follows: $60,000 for current liabilities (including $10,000 to related parties and for general working capital purposes. The Offering remains subject to final acceptance by the TSX Venture Exchange.
In connection with the Offering, the Company paid certain finders (the "Finders") a cash commission equal to 7% of the proceeds of the sale of Shares by such Finder.
Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities.
On behalf of the Board of Directors:
KAPUSKASING GOLD CORP.
Jonathan Armes President & CEO, Director Phone 1 (416) 708-0243
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.
Forward Looking Statements and Cautionary Notes
Statements in this document, which are not purely historical, are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements contained in this document are based on certain key expectations and assumptions made by Kapuskasing, including, without limitation, expectations and assumptions respecting the outlook of exploration activity on the Borden and Rollo properties and the impact on Kapuskasing’s business and management assessment of future operations. Although the forward-looking information contained in this press release is based upon what Kapuskasing’s management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release.
It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this press release and Kapuskasing assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.