Unit consists of one common share (the “Unit”) and one common share purchase warrant (the “Warrant”). Each Warrant entitles the holder to purchase one common share of the Company at a purchase price of $0.085 per Common Share for a period of two years.
TSXV: KNG OTCQB: TUMIF
NEWS RELEASE
Vancouver, British Columbia, Canada, October 15, 2019 – Kingsmen Resources Ltd.
(TSXV:KNG) ( OTCQB:TUMIF) (the “Company” or “Kingsmen”) , is pleased to announce that it has closed the second tranche of the private placement financing (the “Private Placement”) announced in the Company’s news release dated August 15th. In this second tranche 1,428,730 units (the “Units”) were issued at a price of $0.065 per Unit for gross proceeds of $92,868. Each Unit consists of one common share (the “Unit”) and one common share purchase warrant (the “Warrant”). Each Warrant entitles the holder to purchase one common share of the Company at a purchase price of $0.085 per Common Share for a period of two years.
A total of 7,774,114 units were issued for total gross proceeds of $505,318 in this placing.
All securities issued to purchasers under the Private Placement will be subject to a four-month hold period commencing from the closing date pursuant to applicable securities legislation and the policies of the TSX Venture Exchange (the “TSXV”).
The Company plans to use the net proceeds for the Company's La Trini project in the Hostotipaquillo mining district in Mexico as well as for general working capital and corporate purposes.
For additional information, please contact:
Scott Emerson, President and CEO at (604) 603-0074 or Email: [email protected] Website: www.kingsmenresources.com Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward –Looking Statements:
This news release contains certain forward-looking statements, including statements regarding the Private Placement of Units and the Company’s ability to complete the Private Placement and receiving acceptance from the TSX Venture Exchange to the completion of the Private Placement and the Company’s proposed plans for the use of proceeds. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the Company does not complete all or any part of the Private Placement, the Company does not receive regulatory acceptance to the Private Placement; changes in metal prices, changes in the availability of funding, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ martially from those projected in the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.
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