Kent Closes the Final Tranche of Private Placement for $141,050
19 August 2011
NEWS RELEASE KEX2011-20
KENT CLOSES THE FINAL TRANCHE OF PRIVATE PLACEMENT FOR $141,050
Kent Exploration Inc. (the “Company” or “Kent”) reports that, subject to acceptance for filing of the final documentation by the TSX Venture Exchange (“TSX-V”), it has increased its previously announced up to 5,000,000 Unit non-brokered Private Placement to 5,846,000 Units, and closed the final tranche of 2,170,000 Units at $0.065 per Unit for gross proceeds of $141,050.
Each unit consists of one (1) common share and one (1) non-transferable common share purchase warrant. Each warrant, that is subject to an accelerated expiry provision, is exercisable for a period of two (2) years from closing and will entitle the holder to purchase one additional common share in the capital stock of the Company at a price of $0.10 per common share for a period of twenty four months. Shares subscribed for in the Private Placement are subject to a four (4) months plus one day hold period.
Finder Fees consisting of cash and Compensation Warrants are to be paid pursuant to the policies of the TSX-V. Each Compensation Warrant will entitle the holder to purchase one (1) common share of the Company for a period of 12 months from the date of issuance at a price of $0.10 per Compensation Warrant.
The proceeds from the financing are to be used for the Flagstaff Barite Project, Alexander River Gold Project and for general and corporate purposes.
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Kent Exploration Inc. is a junior exploration company that has acquired the Alexander River, Paparoa and Lyell gold projects in the highly prolific Reefton gold field in New Zealand and has an approximate 35% interest in, and is the controlling shareholder of, Archean Star Resources Inc, (“Archean”) which is listed on the TSX Venture Exchange under the symbol ASP. Archean’s wholly owned subsidiary, Archean Star Resources Australia, Pty, Ltd, (“ASRA”) has an Option Agreement, subject to a 75% back in right, to earn 100% of Teck’s interest in Chalice Gold Mines Limited’s Gnaweeda Gold Project in West Australia. The Company has an option to earn a 100% interest in the Silver Hills property, a silver/ lead/ zinc prospect in south-eastern British Columbia, The Company has a 100% interest in Coal Prospecting Permits covering approximately 92,000 ha in east-central Saskatchewan,; a 100% interest in a mining lease option on the Flagstaff Mountain property, a barite-gold-silver-zinc- property in eastern Washington state, having a fully permitted mine which is approved to produce up to 100,000 tons of barite per year, a and a 100% interest in the mining lease option on the Ivanhoe Creek property, a Midas-style gold/silver target in Nevada’s Carlin Trend, and 50% of a 100% interest in the Ivanhoe Creek placer claims covering a bentonite deposit.
This News Release has been prepared on behalf of the Kent Exploration Inc. Board of Directors, which accepts full responsibility for its contents.
ON BEHALF OF THE BOARD
"Graeme O'Neill"
Graeme O’Neill, President
Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has reviewed, nor do they accept responsibility for, the adequacy or accuracy of this news release