Knight Resources Ltd.: Private Placement Update
07 Dezembro 2009 - 8:06PM
Marketwired
Further to the Company's news release dated November 11, 2009, Mr.
David Patterson, Chairman of Knight Resources Ltd. (TSX VENTURE:
KNP)(FRANKFURT: KRL), reports that the Company has increased its
non-brokered private placement from $2,750,000 to $3,279,200.
The Company will raise these funds by issuing 40,990,000
flow-through units ("FT Unit") at a price of $0.08 per FT Unit.
Each FT Unit consists of one flow-through common share and one half
of one common share purchase warrant. Each whole warrant entitles
the holder to acquire one non-flow-through common share at a price
of $0.12 per share for a period of 12 months. However, in the event
the closing price of the Company's common shares on the Exchange is
at least $0.25 for ten consecutive trading days (at any time
following four months from the date of Closing) the Company may
reduce the remaining exercise period of the Warrants to not less
than 30 days from the date of providing notice of such reduced
exercise period.
The Company closed the first tranche of the private placement on
November 19, 2009, raising gross proceeds of $2,576,000 by issuing
32,200,000 FT Units.
The Company anticipates closing the balance of the private
placement later this week. The funds raised by way of the financing
will be used for exploration of the West Raglan Project, located in
northern Quebec.
ON BEHALF OF THE BOARD OF KNIGHT RESOURCES LTD.
David Patterson, Chairman
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 news release.
Contacts: Knight Resources Ltd. Andrea Magee Investor Relations
(604) 684-6535 (604) 602-9311 (FAX) knight@bed-rock.com
www.knightresources.ca
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