Marketwire
MONTREAL, QUEBEC--(Marketwired - Nov. 8, 2013) - KWG Resources Inc. (TSX VENTURE:KWG) has completed a second tranche of a private placement of flow-through units, for gross proceeds of $1,328,000. Each unit comprises one flow-through treasury share and one warrant which may be exercised to acquire a further flow-through share for $0.10 at any time within three years. The units may be acquired by qualified investors for a subscription of $0.05 each.
Finder's fees included a payment in cash of $31,250 and a compensation option entitling its holder to purchase 250,000 common shares of KWG at a price of $0.05 during a three-year period. All securities issued are subject to a four-month hold period.
KWG has now completed $1,628,000 of a $2 million private placement conditionally approved by the TSX Venture Exchange. The company has sought approval to increase the private placement to $2.4 million with a final closing on November 18, 2013. The proceeds of the placement will fund a drilling program designed to extend the Black Horse inferred resource this winter.
About KWG: KWG has a 30% interest in the Big Daddy chromite deposit and the right to earn 80% of the Black Horse chromite where resources are being defined in a drilling program now under way. KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted a $15 million surveying and soil testing program for the engineering and construction of a railroad to the Ring of Fire from Exton, Ontario.
Neither 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.
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Shares issued and outstanding: 720,737,273