West Kirkland Announces $2.25M Brokered Private Placement Of Flow-Through Shares
October 6, 2010
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES
VANCOUVER, BRITISH COLUMBIA, October 6, 2010. West Kirkland Mining Inc. (WKM:TSXV) (“West Kirkland” or the “Company”) is pleased to announce that it has arranged a brokered private placement with PI Financial Corp. (the “Agent”), to raise gross proceeds of up to $2,250,000 (the “Offering”). The Offering will consist of the issuance of up to 1,875,000 flow-through shares of the Company at a price of $1.20 per FT Share (the “Flow-Through Offering Price”).
The Company has granted the Agents an over-allotment option of 15% to increase the size of the Offering by up to an additional 281,250 FT Shares.
The Agent will receive a cash commission of 6% of the gross proceeds of the Offering.
All securities issued pursuant to the private placements will be subject to a four month hold period. Completion of the offerings is subject to the satisfaction of certain conditions, including TSX Venture Exchange acceptance of the offerings. The aggregate net proceeds raised from the issuance of the FT-Shares will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2010 taxation year. Closing of the Offering is expected to be on or about November 2, 2010.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of 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.
About West Kirkland Mining – WKM - TSXV
West Kirkland Mining was formed in 2010 and is focused on gold exploration along major trends in North America. The Company has consolidated significant mineral rights positions in the Kirkland Lake area of Canada and along the Carlin trend of Nevada – two of North America’s Premier Gold camps. The founders and Board of West Kirkland Mining have successful gold discovery, development and mine operations experience in both Ontario and Nevada over the past 40 years.
For further information, please see the Company’s website at wkmining.com or contact us by email at or call:
West Kirkland Mining Inc.
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.
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