Kootenay Resources Inc. Announces Private Placement Financing of up to $800,000 /Not FOR Distribution to
KOOTENAY RESOURCES INC. ANNOUNCES
PRIVATE PLACEMENT FINANCING OF UP TO
$800,000
/NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
./
VANCOUVER, BC
,
Aug. 12, 2022
/CNW/ -
Kootenay Resources Inc. (the "Company"
or "Kootenay")
is pleased to announce that it intends to complete a non-brokered private
placement (the "Private Placement") for aggregate gross proceeds of up to
$800,000
. The Private
Placement will consist of a combination of non-flow-through and flow-through common shares.
Under the Private Placement, the Company will offer, non-flow-through common shares at a price of
$0.10
per share and flow-through common shares at a price of
$0.15
per share, raising aggregate
combined gross proceeds of up to
$800,000
. Proceeds received from the Private Placement will be
used for the development of the Company's Moyie Anticline Project, other resource properties
(eligible for "Canadian exploration expenses, which are flow-through mining expenditures) and
general working capital requirements including becoming a publicly listed company on a Canadian
Stock Exchange before the end of 2022.
The securities to be issued under the Private Placement will be offered by way of private placement
in each of the provinces of
Canada
, other than
Quebec
, and such other jurisdictions as may be
determined by the Company, in each case, pursuant to applicable exemptions from the prospectus
requirements under applicable securities laws.
The Private Placement is anticipated to close on
August 31, 2022
("Closing") and is subject to
certain conditions including, but not limited to, the receipt of all necessary approvals. The common
shares to be issued under the Private Placement will have a hold period of four months and one day
from Closing.
In connection with the Private Placement, arms-length finders will receive a cash fee in respect to
their subscribers equal to 6.0% of the gross proceeds.
The securities described herein 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
accordingly, may not be offered or sold within
the United States
except in compliance with the
registration requirements of the U.S. Securities Act and applicable state securities requirements or
pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a
solicitation to buy any securities in any jurisdiction.
About Kootenay Resources Inc.
KSR is an exploration company actively engaged in the exploration and discovery mineral projects
in
British Columbia, Canada
. The Company was formed as a spin-out of Kootenay Silver Inc.
(TSXV: KTN) in which prospective Canadian assets were transferred to Kootenay Resources Inc.
The transaction was completed in
October 2021
, Kootenay Silver Inc. currently holds ~3.2 million
common shares of Kootenay Resources Inc.
On behalf of the board of directors of the
Company
:
James McDonald
,
Director
No Regulation Services Provider accepts responsibility for the adequacy or accuracy of this
release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
The information in this news release has been prepared as at
August 11, 2022
. Certain statements
in this news release, referred to herein as "forward-looking statements", constitute "forward-looking
statements" under the provisions of Canadian provincial securities laws. These statements can be
identified by the use of words such as "expected", "may", "will" or similar terms.
Forward-looking statements are necessarily based upon a number of factors and assumptions that,
while considered reasonable by Kootenay as of the date of such statements, are inherently subject
to significant business, economic and competitive uncertainties and contingencies. Many factors,
known and unknown, could cause actual results to be materially different from those expressed or
implied by such forward-looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date made. Except as otherwise
required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any such statements to reflect any change in Kootenay 's expectations
or any change in events, conditions or circumstances on which any such statement is based. More
particularly, this news release contains statements concerning the anticipated Private Placement.
Accordingly, there is a risk that the Private Placement will not be completely sold, or the Private
Placement will be completed within the anticipated time or at all.
SOURCE
Kootenay Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/August2022/12/c4738.html
%SEDAR: 00053533E
For further information:
James McDonald, Director at 403-880-6016; Raj Kang, Director at 604-
601-5650
CO: Kootenay Resources Inc.
CNW 16:15e 12-AUG-22