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King's Bay closes oversubscribed C$1.1mln private placement

The company said funds raised from the placement will be used for general working capital
King's Bay is focused on the exploration of cobalt and other high-tech metals in North America

King’s Bay Resources Corp (CVE:KBG) announced today that it has closed its oversubscribed non-brokered private placement, with gross proceeds of C$1.1mln. 

The mineral exploration company issued around 18.34mln units at a price of C$0.06. 

Funds raised will be used for general working capital. 

Each unit consists of one common share and one common share purchase warrant. Each warrant can be converted into one common share at a price of C$0.10 per share until June 8, 2020.

The company said it paid cash finder's fees of an aggregate of C$34,080 to certain finders and issued an aggregate of 92,000 finder's shares to certain finders. The company also said shares are subject to a statutory hold period, which expires on October 9, 2018.

Shares of King's Bay were flat at C$0.06 on Tuesday Morning

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