www.knick.ca
Knick is engaged in exploring its flagship East-West property, located in the Val-d’Or Mining Camp along strike between the active Kiena mine (Wesdome Mining Ltd., TSX–WDO) and past gold producer Marban mine (Niogold Mining Corp., TSX.V-NOX). Most historical drilling has been limited to “shallow holes”, generally less than 200 m, and the Company is very excited about the property’s “blue sky” potential at mid-depth plus. A $1.1 million budget has been allocated for the 2009 exploration program on the East-West property.
Knick Exploration closes $1.3 million financing
Quebec-based Knick Exploration (TSX-V:KNX) announced Monday that it has closed a $1.3 million private placement financing.
The company issued roughly 2.7 million units at a price of $0.25 each and 2.2 million flow-through units at a price of $0.30 each.
Each non flow-through unit consists of one common share and one warrant, with each warrant entitling its holder to purchase one additional common share for a period of two years from closing at a price of $0.30 for the first year, and at a price of $0.35 thereafter.
Each flow through unit consists of one flow-through common share and one warrant, with each warrant entitling its holder to purchase one additional common share for a period of two years from closing at a price of $0.35 for the first year, and at a price of $0.40 thereafter.
The proceeds from the sale of the flow-through common shares will be used for Canadian exploration expenses, while the funds from the sale of the common shares will be used for working capital purposes.
Knick is exploring the flagship East-West property, located in the Val-d’Or Mining Camp along strike between the active Kiena mine and past gold producer Marban mine.
