Kingman Minerals increases financing to $613,000

Executive Summary

• Kingman Minerals upsized its non‑brokered equity financing to target gross proceeds of approximately $613,000, up from the originally announced $504,000.
• Up to 8,757,143 units will be sold at C$0.07 per unit, each unit consisting of one common share and one warrant to purchase an additional share at C$0.09 for 24 months.
• Net proceeds are earmarked for general working capital and to advance the flagship Mohave project (historic Rosebud mine), including a NI 43‑101 technical report, drill plan updates, permit re‑applications, and related exploration activities.

Key Details

• Offering Size: Gross proceeds now expected ≈ $613,000 (previously $504,000).
• Units Offered: Up to 8,757,143 units at C$0.07 per unit.
• Unit Composition: 1 common share + 1 common share purchase warrant.
• Warrant Terms: Right to buy one additional common share at C$0.09 per share; exercisable for 24 months from closing.
• Finder’s Compensation: Up to 6.0% of gross proceeds payable as cash fees and/or finders’ warrants equal to 6.0% of units sold, with the same exercise price and term as above.
• Use of Proceeds:
• General working capital.
• Advancement of Mohave project (Rosebud mine) – preparation of NI 43‑101 technical report, updating/optimizing drill plan, re‑applying for drill permits, and other exploration prep.
• Closing Conditions: Subject to regulatory approvals, including TSX Venture Exchange; securities subject to a statutory hold period of four months and one day.
• Related Party Participation: Insiders/related parties expected to acquire units; transaction qualifies for MI 61‑101 exemptions because related party participation is below 25% of market cap.

Notable Quotes

(No executive quotes were included in the release.)