Kingsmen Resources Closes Private Placement Raising C$13 Million
Kingsmen Resources Ltd. has closed a bought deal private placement, raising C$13 million through the sale of units. The funds will be used for exploration at its Mexican projects and general corporate purposes.
Kingsmen Resources Ltd. announced the closing of a bought deal private placement, generating gross proceeds of C$13 million. The company sold 5,777,778 units at C$2.25 per unit, including the full exercise of the underwriter's option.
Each unit comprises one common share and one-half of a common share purchase warrant. The warrants are exercisable at C$3.00 per share until February 11, 2029. Red Cloud Securities Inc. acted as the sole underwriter.
Proceeds from this financing are designated for the exploration and advancement of the company's Las Coloradas and Almoloya projects in Chihuahua, Mexico. The company also plans to allocate funds for working capital and general corporate purposes.
The securities were issued to Canadian purchasers under a listed issuer financing exemption, making them immediately freely tradable. The transaction remains subject to final approval from the TSX Venture Exchange.