West Kirkland Closes Private Placement For Gross Proceeds Of $1.69 Million
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES
VANCOUVER, BRITISH COLUMBIA, July 20, 2012 - West Kirkland Mining Inc. (WKM:TSXV) (“West Kirkland” or the “Company”) is pleased to announce the closing of a brokered, best efforts private placement (the “Offering”) announced on June 20, 2012 with PI Financial Corp. and Cormark Securities Inc. as co-leads (the “Brokers”). The Company completed the sale of 4,828,603 units (the “Units”) of the Company at a price of $0.35 per Unit for gross proceeds of $1,690,011.
Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one-half of one common share purchase warrant. Each whole common share purchase warrant (a “Warrant”) entitles the holder to acquire one Common Share at a price of $0.60 for a period of 18 months from the closing date of the Offering.
All securities issued pursuant to the Offering will be subject to a four month hold period. The aggregate proceeds raised from the issuance of the Units will be used for exploration expenditures and for general corporate purposes.
As consideration for their services, the Brokers have received a cash commission of $133,635, representing 7% of the gross proceeds of the Offering plus additional fees.
Michael G. Allen, Vice President of Exploration of West Kirkland said, “West Kirkland will continue its drilling program in the Long Canyon Trend including our high-priority targets on the 12 Mile and Toano properties. Also, we will commence engineering work, following our recently announced resource estimate, on our TUG project along the Utah-Nevada border.”
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States.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 state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About West Kirkland Mining
West Kirkland Mining was formed in 2010 to focus on gold exploration along major trends in North America. The Company has consolidated significant mineral rights positions in the Kirkland Lake area of Ontario and within major gold trends of North Eastern Nevada - two of North America’s premier gold jurisdictions. The founders and Board of West Kirkland Mining have successful gold discovery, development and mine operations experience in both Ontario and Nevada over the past 40 years.
West Kirkland Mining Inc.
R. Michael Jones, Michael Allen or Knox Henderson at (604) 685-8311
James Beesley: 778-389-7715 or [email protected]
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.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding proposed exploration activities. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the market for gold or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at www.sedar.com.