Kingman Minerals Ltd. Announces Upsized $1.5 Million

Executive Summary

• Kingman Minerals announced an upsizing of its previously disclosed non‑brokered follow‑on private placement, increasing total gross proceeds to up to C$1.5 million (from the originally planned C$0.5 million).
• The company will issue up to 21,428,571 units at C$0.07 per unit; each unit includes one common share and one common‑share purchase warrant exercisable at C$0.09 for 24 months.
• Net proceeds are earmarked for continued exploration and development of the Mohave Project (including diamond drilling, geophysics, sampling, permitting) and general working capital.

Key Details

• Offering Size: Gross proceeds now expected up to C$1,500,000 (previously C$500,000).
• Units Offered: Up to 21,428,571 units at C$0.07 per unit.
• Unit Composition: 1 common share + 1 common‑share purchase warrant.
• Warrant Terms: Exercise price C$0.09 per share, exercisable for 24 months from closing date.
• Use of Proceeds: Funding continued exploration and development at the Mohave Project (diamond drilling, geophysics, geochemical sampling, permitting) and general working capital.
• Finders’ Fees & Warrants: Up to 6.0 % of gross proceeds may be paid as finders’ fees; additional finders’ warrants equal to 6.0 % of units sold (exercise price C$0.09, 24‑month term).
• Closing Conditions: Subject to regulatory approvals, including TSX Venture Exchange approval; securities subject to a statutory hold period of four months and one day.
• Related Party Participation: Insiders may acquire units; transaction qualifies as a “related party transaction” under MI 61‑101, with exemptions applied (fair market value not to exceed 25 % of market cap).

Notable Quotes

(No direct quotes were provided in the release.)