Kingman increases private placement to $1.5-million

Executive Summary

• Kingman Minerals Ltd. upsized its non‑brokered follow‑on private placement to a maximum of $1.5 million gross proceeds (up from $500,000).
• Up to 21,428,571 units will be sold at C$0.07 per unit; each unit includes one common share and one warrant to purchase an additional share at C$0.09 for 24 months.
• Net proceeds are earmarked for continued exploration and development of the Mohave (Rosebud) project, including drilling, geophysics, sampling, permitting and general working capital.

Key Details

• Units Offered: Up to 21,428,571 units at C$0.07 per unit.
• Composition of Each Unit: 1 common share + 1 common‑share purchase warrant (exercise price C$0.09, exercisable for 24 months).
• Gross Proceeds Target: Up to $1.5 million (previously $500,000).
• Use of Proceeds: Funding diamond drilling, geophysical surveys, geochemical sampling, permitting activities and general working capital for the Mohave project.
• Finders’ Fees & Warrants: Finder’s fee equal to 6% of gross proceeds; finder’s warrants equal to 6% of units sold (exercise price C$0.09, 24‑month term).
• 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 may purchase units; transaction qualifies as a related‑party transaction under MI 61‑101, with exemptions applied because insider participation will not exceed 25% of market cap.

Notable Quotes

(No direct quotes were provided in the release.)