NEWS: Kenai Increases Private Placement...No trouble raising an extra $1M it seems. Will still only be about 60M share out once this $6M PP is done. They will have cash flow soon.
red911
Kenai Increases Private Placement
Symbol: KAI
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2011) - Mr. GregStarr, President of Kenai Resources Ltd. (TSX VENTURE:KAI) ("Kenai")announces that due to strong demand, Kenai has increased the privateplacement announced on January 17, 2011 from $5,000,000 to $6,000,000.These funds will be raised by Kenai issuing up to 24,000,000 units at aprice of
.25 per unit, each unit consisting of one common share andone-half of one share purchase warrant. Each whole warrant will entitlethe holder, on exercise, to purchase one common share at a price of
.35 for a period of two years from the date of issue.
Finder's fees may be payable on a portion of the private placement, inaccordance with the policies of the TSX Venture Exchange.
A substantial portion of the net proceeds of the private placement willbe used to fund Kenai's acquisition costs and initial exploration anddevelopment commitments under its option to purchase up to a 100%interest in the Sao Chico gold project located in Northern Brazil. Thebalance of the funds will be used for working capital purposes. Detailsof Kenai's investment in the Sao Chico project can be found in its newsrelease dated September 21, 2010.
About Kenai Resources:
Kenai is a Canadian company focused on precious mineral projectexploration and development, towards early significant gold production.In addition to the Sao Chico gold project in Brazil, Kenai is alsoinvolved in exploration of the wholly-owned Quartz Mountain and HopeButte gold epithermal gold projects in South-Eastern Oregon, bothlocated in Malheur County, close to the Oregon border with Idaho.
On behalf of the Board of Directors of Kenai Resources Ltd.
Greg Starr, President and CEO
Forward-Looking Statements: Statements in this release that areforward-looking statements are subject to various risks anduncertainties concerning the specific factors disclosed and elsewhere inthe company's periodic filings with Canadian securities regulators.Specifically, completion of the private placement of up to $6,000,000 issubject to a number of conditions, including but not limited to, TSXVenture Exchange acceptance. There can be no assurance that the privateplacement will be completed as proposed or at all. Such informationcontained herein represents management's best judgment as of the datehereof based on information currently available. The company does notassume the obligation to update any forward-looking statement.
Shares Outstanding: 35,906,734
Neither the TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of this release.