- K92 Mining (KNT) has signed an agreement with Clarus Securities Inc. and Cormark Securities Inc., on behalf of a syndicate of underwriters
- The underwriters have agreed to purchase 5,405,500 common shares of the company for C$9.25 per common share
- The aggregate gross proceeds to the company will be $50,000,875.00
- K92 Mining plans to use the net proceeds from the offering for the continued expansion of the Kainantu Gold Mine and general corporate and working capital purposes
- K92 is engaged in the production of gold, copper and silver
- K92 Mining Inc. is down 8.967 per cent, trading at $8.985 at 11:22 AM ET
K92 Mining (KNT) has signed an agreement with Clarus Securities Inc. and Cormark Securities Inc. on behalf of a syndicate of underwriters.
By the agreement, the underwriters have agreed to purchase, on a bought-deal basis, 5,405,500 common shares of the company for C$9.25 per common share for aggregate gross proceeds to the company of $50,000,875.00.
The company has agreed to grant the underwriters an over-allotment option to purchase up to an additional 810,825 common shares at the offering price, exercisable in whole or in part at any time for a period ending 30 days from the closing of the offering.
If the over-allotment option is exercised in full, the aggregate gross proceeds of the offering will be $57,501,006.25.
K92 Mining intends to use the net proceeds from the offering for the continued expansion of the Kainantu Gold Mine, exploration near-mine and regionally and for general corporate and working capital purposes.
K92 is engaged in the production of gold, copper and silver from the Kora and Judd deposits at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine.
K92 Mining Inc. is down 8.967 per cent, trading at $8.985 at 11:22 AM ET.