K92 Mining Inc. is pleased to announce that, further to the Company’s press release dated June 13, 2022, the Company has closed its bought deal private placement for aggregate gross proceeds of CAN$50,000,875, pursuant to which the Company issued 5,405,500 common shares (the “Shares”) at a price of CAN$9.25 per Share (the “Offering”).
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The Offering was led by Clarus Securities Inc. and Cormark Securities Inc., (together the “Co-lead Underwriters”) as co-lead underwriters and co-bookrunners, and a syndicate of underwriters that included National Bank Financial Inc., Stifel Nicolaus Canada Inc., BMO Capital Markets, Scotia Capital Inc., Desjardins Securities Inc., Eight Capital, PI Financial Corp., Raymond James Ltd., Haywood Securities Inc. and TD Securities Inc., (together with the Co-Lead Underwriters, the “Underwriters”). The Underwriters were paid a cash fee of 5.0% of the aggregate gross proceeds of the Offering.
The Company has also granted to the Underwriters an over-allotment option, exercisable in whole or in part in the sole discretion of the Underwriters at any time until August 5, 2022, to purchase up to an additional 810,825 Shares, at a price of CAN$9.25 per Share, to cover over-allotments.
The Company intends to use the net proceeds of the Offering for continued exploration near the Kainantu Mine and regionally, continued expansion of the Kainantu Mine, for public company operating and administrative expenses and working capital purposes.
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The Company filed a short form prospectus dated June 27, 2022 (the “Prospectus“) in the provinces of British Columbia, Alberta and Ontario, Canada, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions to qualify the distribution of the Shares offered pursuant to the Offering. Copies of the Prospectus and documents incorporated by reference therein are available electronically on SEDAR (www.sedar.com) under the Company’s issuer profile.
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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