Knight Resources Ltd. Private Placement Closes
15 Diciembre 2009 - 8:00AM
Marketwired
David Patterson, Chairman of Knight Resources Ltd. (TSX VENTURE:
KNP) (FRANKFURT: KRL), reports that the Company has closed the
second and final tranche of its recently announced private
placements, raising an additional $703,200. The funds were raised
by issuing 8,790,000 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 until December 9, 2010.
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 paid aggregate finder's fees totaling $36,800, and
issued 439,375 finders' warrants on the same terms as the warrants
issued as part of the NFT Units. All securities issued to
subscribers and finders in the second tranche, including any common
shares which may be issued upon the exercise of warrants, are
subject to a hold period expiring April 10, 2010.
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 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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