Increases Private Placement , New Private PlacemenIncreases PrivatePlacement and Announces New Private Placement --->@NEWS
RELEASE
KENT EXPLORATIONINC ("KEX-V")
- IncreasesPrivate Placement and Announces New Private
- Placement
Kent ExplorationInc. (the "Company" or "Kent") reports that, due to a
substantialoversubscription, and subject to approval by the TSX Venture
Exchange, it hasincreased its previously announced, up to 12,000,000 Unit
non-brokeredPrivate Placement to 13,800,000 Units.
Each unitconsists of one (1) common share and one (1) non-transferable
common sharepurchase warrant. Each warrant is exercisable for a period of
two (2) yearsfrom closing and will entitle the holder to purchase one
additional commonshare in the capital stock of the Company at a price of
.10 per commonshare for a period of twenty four months. Shares
subscribed for inthe Private Placement are subject to a four (4) month
plus one day holdperiod.
The proceeds fromthe financing are to be used for the Flagstaff Barite
Project,Alexander River Gold Project and for general and corporate
purposes.
Additionally, theCompany announces, subject to approval from the TSX
Venture Exchangean up to 5 million Unit private placement at 6.5 cents per
Unit for grossproceeds of $325,000.
Each unitconsists of one (1) common share and one (1)
non-transferablecommon share purchase warrant. Each warrant is exercisable
for a period oftwo (2) years from closing and will entitle the holder to
purchase oneadditional common share in the capital stock of the Company at
a price of
.10per common share for a period of twenty four months.
Shares subscribedfor in the Private Placement are subject to a four (4)
month plus oneday hold period.
The warrants willbe subject to accelerated expiry in the event the
company's sharestrade at 15 cents per share for a period of 10 consecutive
trading daysafter expiry of the four-month hold period.
The proceeds fromthe financing are to be used for the Flagstaff Barite
Project,Alexander River Gold Project and for general and corporate
purposes.
Kent ExplorationInc. is a junior exploration company that has
acquired theAlexander River, Paparoa and Lyell gold projects in the highly
prolific Reeftongold field in New Zealand and has an approximate 35%
interest in, andis the controlling shareholder of, Archean Star Resources
Inc,("Archean") which is listed on the TSX Venture Exchange under the
symbol ASP.Archean's wholly owned subsidiary, Archean Star Resources
Australia, Pty,Ltd, ("ASRA") has an Option Agreement, subject to a 75%
back in right, toearn 100% of Teck's interest in Chalice Gold Mines
Limited'sGnaweeda Gold Project in West Australia.
The Company hasan option to earn a 100% interest in the Silver Hills
property, asilver/ lead/ zinc prospect in south-eastern British Columbia,
The Company has a100% interest in Coal Prospecting Permits covering
approximately92,000 ha in east-central Saskatchewan,; a 100% interest in a
mining leaseoption on the Flagstaff Mountain property, a
barite-gold-silver-zinc-property in eastern Washington state, having a
fully permittedmine which is approved to produce up to 100,000 tons of
barite per year,a and a 100% interest in the mining lease option on the
Ivanhoe Creekproperty, a Midas-style gold/silver target in Nevada's Carlin
Trend, and 50% ofa 100% interest in the Ivanhoe Creek placer claims
covering abentonite deposit.
This News Releasehas been prepared on behalf of the Kent Exploration
Inc. Board ofDirectors, which accepts full responsibility for its
contents.
//st
ON BEHALF OF THEBOARD
"GraemeO'Neill"
Graeme O'Neill,President
//et
Neither the TSXVenture Exchange, nor its Regulation Services Provider
(as that term isdefined in the policies of the TSX Venture Exchange), has
reviewed, nor dothey accept responsibility for, the adequacy or accuracy
of this newsrelease
TSX Ventureclosing price for KEX-V
Date: 2011/07/22
Closing Price:0.07