West Kirkland Announces $2.25M Brokered Private Placement Of Flow-Through Shares
October 6, 2010
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO US NEWS WIRE SERVICES
VANCOUVER, BRITISH COLUMBIA, October 6, 2010. West Kirkland Mining Inc. (WKM:TSXV) (“West Kirkland” or the “Company”) is pleased to announce that it has arranged a brokered private placement with PI Financial Corp. (the “Agent”), to raise gross proceeds of up to $2,250,000 (the “Offering”). The Offering will consist of the issuance of up to 1,875,000 flow-through shares of the Company at a price of $1.20 per FT Share (the “Flow-Through Offering Price”).
The Company has granted the Agents an over-allotment option of 15% to increase the size of the Offering by up to an additional 281,250 FT Shares.
The Agent will receive a cash commission of 6% of the gross proceeds of the Offering.
All securities issued pursuant to the private placements will be subject to a four month hold period. Completion of the offerings is subject to the satisfaction of certain conditions, including TSX Venture Exchange acceptance of the offerings. The aggregate net proceeds raised from the issuance of the FT-Shares will be used for general exploration expenditures, which will constitute Canadian exploration expenses (as defined in the Income Tax Act) and will be renounced for the 2010 taxation year. Closing of the Offering is expected to be on or about November 2, 2010.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of 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 – WKM - TSXV
West Kirkland Mining was formed in 2010 and is focused on gold exploration along major trends in North America. The Company has consolidated significant mineral rights positions in the Kirkland Lake area of Canada and along the Carlin trend of Nevada – two of North America’s Premier Gold camps. 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.
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 Filing Statement dated March 31, 2010 for a more complete discussion of such risk factors and their potential effects, a copy of which may be accessed through the Company’s page on SEDAR at www.sedar.com