News Release
Kent Exploration Inc.: 2nd Tranche Private Placement Closed (ccnm)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2010) - Kent Exploration Inc. (the "Company") (TSX VENTURE:KEX) announces that, subject to acceptance for filing of the final documentation by the TSX Venture Exchange ("TSX-V"), it has closed a 2nd tranche of its previously announced, up to 9,000,000 Unit non-brokered Private Placement, of 2,540,000 Units for gross proceeds of $304,800. The 1st Tranche of 2,973,000 Units (the "Units") at
.12 per Unit for gross proceeds of $356,760 closed on November 22, 2010.
Each unit consists of one (1) common share and one (1) non-transferable common share purchase warrant. Each warrant is exercisable for a period of two (2) years from closing and will entitle the holder to purchase one additional common share in the capital stock of the Company at a price of
.18 per common share for the first year and
.22 per common share for the second year. Shares subscribed for in the Private Placement are subject to a four (4) month plus one day hold period.
Finder Fees consisting of 203,000 broker compensation options (the "Broker Compensation Options") and $3,600 in cash was paid pursuant to the policies of the TSX-V. Each Broker Compensation Option will entitle the holder to purchase one Unit of the Company, which consists of one (1) common share and one (1) non-transferable common share purchase warrant, for a period of 12 months from the date of issuance at a price of
.12 per Unit.
Kent Exploration Inc is a junior exploration company that has an Option Agreement to earn 100% of Teck Australia Pty Ltd.'s interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in West Australia, subject to a 75% back-in right to Teck and has acquired the Alexander River, Paparoa and Lyell gold projects in the highly prolific Reefton gold field in New Zealand.
The Company has an option to earn a 100% interest in the Silver Hills property, a silver/ lead/ zinc prospect in south-eastern British Columbia, and has a 100% interest in the Courtney Lake property, a silver/ lead/ zinc prospect in north-east Saskatchewan. The Company has a 100% interest in Coal Prospecting Permits covering approximately 92,000 ha in east-central Saskatchewan, a 100% interest in a mining lease option on the Flagstaff Mountain property, a gold/silver/zinc/barite prospect in eastern Washington state, a 100% interest in the mining lease option on the Ivanhoe Creek property, a Midas-style gold/silver target in Nevada's Carlin Trend, and 50% of a 100% interest in the Ivanhoe Creek placer claims covering a bentonite deposit.
This News Release has been prepared on behalf of the Kent Exploration Inc. Board of Directors, which accepts full responsibility for its contents.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Graeme O'NeillKent Exploration Inc.President604-684-3394 or toll free: 1-866-399-65391-888-282-7763 (FAX)www.kent-exploration.com