Kingman closes $113,400 final tranche of financing

Executive Summary

• Kingman Minerals closed the second and final tranche of its oversubscribed non‑brokered equity financing, issuing 1.62 million units at $0.07 per unit for gross proceeds of $113,400.
• Combined with the first tranche, total units issued to date are 8,756,471, raising $612,953 in gross proceeds and generating 163,200 finder warrants plus $11,424 in finder fees.
• The net proceeds will fund the next phase of development at the flagship Mohave project (Rosebud mine), focusing on permitting, drill targeting, and integrated technical work; a follow‑on private placement of up to $500,000 is also announced.

Key Details

• Final Tranche Terms: 1.62 M units @ $0.07/unit → $113,400 gross proceeds.
• Total Offering to Date: 8,756,471 units issued; $612,953 gross proceeds.
• Finder Compensation (final tranche): $6,804 cash fees; 97,200 non‑transferable finder warrants issued.
• Finder Warrants: Each warrant allows purchase of one common share at $0.09 exercise price, exercisable until 9 Sept 2027.
• Unit Composition: Each unit = 1 common share + 1 common share purchase warrant (exercise price $0.09, 24‑month term).
• Insider Participation: Directors/officers subscribed for 2,516,826 units ($176,177.82) in the first tranche; no insider participation in the second tranche.
• Planned Follow‑on Financing: Up to $500,000 private placement on same terms as current offering.
• Use of Proceeds: Advance Mohave project – support permitting, drill targeting, and integrated technical work for Rosebud mine (past‑producing).
• Technical Update: Completed two underground sampling rounds and two core‑drilling phases; identified significant historic gold/silver grades and deeper porphyry‑style alteration (e.g., hole MH‑07). Preparing NI 43‑101 technical report.
• Regulatory: All securities subject to a statutory four‑month hold period; offering pending final TSX Venture Exchange approval.
• Qualified Person: Technical information reviewed/approved by Brad Peek, MSc, CPG (NI 43‑101 qualified).

Notable Quotes

(No direct CEO/President quotes were provided in the release.)