King Global closes $1.36M final tranche of financing

Executive Summary

• King Global Ventures Inc. has closed the final tranche of its non-brokered private placement, raising $1,361,000 through the sale of 2,268,332 units.
• The total gross proceeds from the entire financing (including the first tranche) amount to $4,000,686.80, with a portion of the proceeds representing non-arm's-length debt settlements for director fees.
• Net proceeds will be used to continue exploration and drilling on the company's Silver Cord and Black Canyon projects.

Key Details

• First Tranche Details:
  • Gross proceeds: $2,640,686.80
  • Units sold: 4,401,142
  • Non-arm's-length debt settlement: $87,499.80 (for director fees)
• Second (Final) Tranche Details:
  • Gross proceeds: $1,361,000
  • Units sold: 2,268,332
  • Non-arm's-length debt settlement: $42,000 (for director fees)
• Total Financing:
  • Total Gross Proceeds: $4,000,686.80
  • Total Units Issued: 6,669,474
• Security Structure:
  • Each unit consists of one common share and one two-year common share purchase warrant.
  • Warrant Exercise Price: $0.90 per common share.
  • Warrant Term: Two years following the closing date.
• Hold Period:
  • Securities are subject to a four-month-and-one-day hold period per Canadian Securities Exchange policies.
• Related Party Transactions:
  • 1,786,666 units were issued to insiders in the second tranche.
  • The company relies on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as the consideration does not exceed 25% of the company's market capitalization.
• Use of Proceeds:
  • Continued exploration and drilling on the Silver Cord and Black Canyon projects.
• Conditions:
  • Closing is subject to necessary approvals, including from the Canadian Securities Exchange.

Notable Quotes

• None provided in the text.