West Kirkland Closes Additional Over-Allotment Option
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
VANCOUVER, BRITISH COLUMBIA, May 8, 2014 – West Kirkland Mining Inc. (WKM:TSXV) (“West Kirkland” or the “Company”) is pleased to announce that in connection with its previously announced fully marketed prospectus offering (the “Prospectus Offering”) that closed on April 17, 2014, the syndicate of agents co-led by Cormark Securities Inc. and PI Financial Corp., and including GMP Securities L.P. and Macquarie Capital Markets Canada Ltd. (collectively, the “Agents”) have exercised, in part, their over-allotment option to purchase an additional 3,333,000 units of the Company (the “Units”) at $0.15 per Unit for gross proceeds of $499,950. Each Unit issued pursuant to the over-allotment option consists of one common share of the Company and one common share purchase warrant (each, a "Warrant"), with each Warrant exercisable for one common share at a price of $0.30 at any time prior to 5:00 p.m. on April 17, 2019.
A total of 165,948,167 Units were issued in connection with the Prospectus Offering, including on the exercise of the over-allotment option, for aggregate gross proceeds of $24,892,225.
A commission of 6% of the gross proceeds from the exercise of the over-allotment option was paid to the Agents.
The Company intends to use the proceeds from the exercise of the over-allotment option to advance the Hasbrouck gold project and for general corporate purposes.
The securities described above have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About West Kirkland Mining Inc.
West Kirkland has now completed recent financings including the Prospectus Offering above and a Non-Brokered Private Placement totalling $33.1 million dollars. A payment of US$20 million was made to purchase a 75 per cent interest in the Hasbrouck gold project, Nevada. The Company currently has approximately $8.9 million in cash. For further information, please contact us by email at or call:
West Kirkland Mining Inc.
R. Michael Jones or Knox Henderson at (604) 685-8311
Disclaimer for Forward-Looking Information
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this news release includes, without limitation, statements regarding the use of proceeds. Although West Kirkland believes that such timing as set out in this press release is reasonable, it can give no assurance that such expectations will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
Neither the 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.