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| | January 12, 2010
Kingsman Resources Closes Private Placement
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| | Vancouver, British Columbia -- January 12, 2010 -- Kingsman Resources Inc. ("The Company") reported today that it closed on its previously announced (October 30, 2009) non brokered private placement consisting of both flow through units and non flow through units.
The Company closed on 3,400,000 flow through units at a price of $0.05 per unit to raise gross proceeds of $170,000. Each flow through unit consists of one flow through common share and one-half non flow through common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company for a period of eighteen months from closing at a price of $ 0.10. The securities issued are subject to a four-month hold period expiring April 29, 2010.
The Company also reported that it closed on 2,200,000 non flow through units also at a price of $ 0.05 per unit to raise gross proceeds of $110,000. Each non flow through unit consists of one non flow through common share and one whole share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the Company for a period of eighteen months from closing at an exercise price of $0.10. The securities issued are subject to a four-month hold period expiring April 29, 2010.
A total of 3.9 million warrants were issued pertaining to the private placement expiring June 29, 2011. In addition, finders' fees of $9,000 and 180,000 finder warrants exercisable at 10 cents for an 18-month period were also issued.
The gross proceeds of the offering will be used in part for general working capital and the flow through portion of the proceeds will be used for qualified Canadian exploration expenditures.
On Behalf of the Board of Directors
KINGSMAN RESOURCES INC.
"Robert McLaughlin"
Robert McLaughlin
Director
"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." |
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