West Kirkland Mining Inc. (TSX-V: WKM) has executed subscription agreements for a non-brokered private placement with three of its major shareholders and two new investors. The company will issue 22,900,000 common shares at a price of $0.06 per share for aggregate gross proceeds of $1,374,000.
Private equity investors, Sun Valley Gold LLC, Ruffer LLP and Liberty Metals and Mining Holdings, LLC collectively control over 61% of the outstanding shares of West Kirkland Mining.
Net proceeds will be used for general working capital, phase two permitting in Nevada on its 75% owned Hasbrouck Gold Project, and for targeted resource expansion drilling and regional exploration on surface gold mineralization identified on the recently acquired 100% mineral rights at Gold Mountain and Hill of Gold, which adjoin the Hasbrouck Gold Project.
Clover Nevada LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP, owns the remaining 25% interest in the Hasbrouck Project. Waterton has been funding its 25% share of project expenditures since September, 2016.
photo credit: West Kirkland Mining
News Release
Not for dissemination in the United States or to United States newswire services
WEST KIRKLAND ANNOUNCES A NON-BROKERED PRIVATE PLACEMENT FOR $1,374,000
VANCOUVER, BRITISH COLUMBIA, March 13, 2018 – West Kirkland Mining Inc. (WKM:TSXV) (“West Kirkland” or the “Company”) announces the execution of subscription agreements for a non-brokered private placement of common shares of the Company with three of its major shareholders and two new investors (the “Private Placement”). The Company has agreed to issue an aggregate of 22,900,000 common shares at a price of $0.06 per share for aggregate gross proceeds of $1,374,000. A 6% finder’s fee amounting to $27,720 is to be paid on a portion of the Private Placement, which was otherwise arranged by management.
The Company intends to use the net proceeds of the Private Placement for general working capital, phase two permitting in Nevada on its 75%-owned Hasbrouck Gold Project, and for targeted resource expansion drilling and regional exploration on surface gold mineralization identified on the recently acquired 100% mineral rights at Gold Mountain and Hill of Gold, which adjoin the Hasbrouck Gold Project.
Clover Nevada LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP, (“Waterton”), owns the remaining 25% interest in the Hasbrouck Project. Waterton has been funding their 25% share of project expenditures since September, 2016.
The Private Placement will be subject to the approval of the TSX Venture Exchange (“Exchange”) and the common shares issued pursuant to the Private Placement will bear a four-month resale restriction from the date of closing, which the Company anticipates will occur as soon as possible after receipt of Exchange approval.
The common shares to be sold pursuant to the Private Placement have not been, and will not be, registered under the U.S. 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 or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. 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.
About West Kirkland Mining Inc.
West Kirkland owns a 75% interest in, and a 1.1% net smelter return royalty over, the Hasbrouck Gold Project in Tonopah, Nevada. A Pre-feasibility Study was completed and updated in 2016 for two open-pit heap-leach mines comprising the Hasbrouck Gold Project. The Pre-feasibility Study along with construction-level drawings and all federal and state permits for the phase-one Three Hills Mine provides a ready-to-construct project. See the technical report titled “Technical Report and Updated Preliminary Feasibility Study: Hasbrouck and Three Hills Gold-Silver Project, Esmeralda County, Nevada,” dated September 14, 2016 as filed on SEDAR at www.sedar.com. Permitting for the phase-two Hasbrouck Gold Project is well advanced.
West Kirkland recently optioned a 100% working interest from Tonopah Divide Mining Company of certain mineral rights that adjoin the Hasbrouck Gold Project. The Company has identified a new gold and silver target on this property exposed and sampled in road cuts for 1600 feet. The Company looks to add open pit heap leach resources within a short trucking distance to its planned Hasbrouck heap leach extraction operations.
On behalf of West Kirkland Mining Inc.
“R. Michael Jones”
Chief Executive Officer
For further information, please see the Company’s website at www.wkmining.com or contact us by email at info@wkmining.com.
Investor Relations:
Rob Bruggeman
(416) 884-3556 / rbruggeman@wkmining.com
Authors and Qualified Persons Statement
Sandy McVey, P.Eng., Chief Operating Officer for West Kirkland, and a non-independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), has reviewed the technical information contained in this news release and has verified the relevant data. Quality Control and Assay information is as previously disclosed in the Company’s technical reports.
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.