Mr. Graeme O'Neill reports
FINAL TRANCHE PRIVATE PLACEMENT CLOSED
Kent Exploration Inc., subject to acceptance for filing of the final documentation by the TSX Venture Exchange, has increased its previously announced nine million unit non-brokered private placement to 9,695,000 units and closed the final tranche of 1.94 million units at 10 cents per unit for gross proceeds of $194,000.
Each unit consists of one common share and one non-transferable common share purchase warrant. Each warrant is exercisable for a period of one year from closing and will entitle the holder to purchase one additional common share in the capital stock of the company at a price of 15 cents per common share. Shares subscribed for in the private placement are subject to a four-month-plus-one-day hold period.
Finders' fees consisting of 19,000 broker compensation units and $1,900 in cash were paid pursuant to the policies of the TSX Venture Exchange. Each broker compensation unit, which consists of one common share and one non-transferable common share purchase warrant, will entitle the holder to purchase one unit of the company for a period of 12 months from the date of issuance at a price of 10 cents per unit.