Nov 21, 2008 (TheNewswire.ca via COMTEX News Network) --
(via Thenewswire.ca)
November21 2008 - King's Bay Gold Corporation (TSX.V: KBG) is pleased toannounce, subject to regulatory approval, that it has completed anon-brokered private placementoffering as first announced on November 4th, 2008. A total of 2,574,000non-flow-through Class A Units were sold at a price of $0.05 per Unitfor proceeds of $128,700.00. The Units were sold to subscribersresident in Ontario, Manitoba, Alberta, and British Columbia.
EachClass A Unit consisted of one non-flow-through common share and onenon-flow-through common share purchase warrant that can be exercised topurchase one common share upon payment of $0.10 on or before 24 monthsfollowing the date of issuance. The shares issued in connection withthis offering are subject to a four-month plus one-day hold period.
King'sBay Gold Corporation intends to utilize the proceeds from thisnon-brokered private placement for general working capital purposes andthe maintenance of its property claims.
About Kings Bay Gold
King'sBay Gold is unique in the industry in that it owns most of theequipment required to carry out the various phases of exploration. Thisincludes diamond drills, bulldozers and other exploration equipment,which gives the company the ability to quickly adjust work programs asexploration results are realized and company strategies change. TheCorporation is a very active Canadian mineral exploration company withmineral projects strategically located in Canada'sgold camps. Strategic properties include - (i) a property locateddirectly adjacent to Canada's richest gold mine, (ii) two pastproducing gold mines, and (iii) other locations that are in very closeproximity to either past producers and / or recent discoveries. Inaddition to exploring for gold, diamonds and base metals, theCorporation also holds within its portfolio of properties: twoproperties with Uranium potential and two properties that havesignificant rare earth elements and rare metals potential.
KBG Shares Outstanding: 45,256,903
King's Bay Gold Corporation Richard Rivet President & CEO (204) 253-4653info@kingsbaygold.comwww.kingsbaygold.com
TheTSX Venture Exchange has not reviewed and does not acceptresponsibility for the adequacy or accuracy of this release. Some ofthe statements contained in this release are forward-lookingstatements, such as estimates and statements that describe KBG's futureplans, objectives or goals, including words to the effect that KBG ormanagement expects a stated condition or result to occur. Sinceforward-looking statements address future events and conditions, bytheir very nature, they involve inherent risks and uncertainties.
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