King Global Announces Closing Of First Tranche Of Unit Financing

Executive Summary

• King Global Ventures Inc. has closed the first tranche of its previously disclosed non-brokered private placement, raising gross proceeds of $2,640,686.80.
• The company issued 4,401,142 units at a price of $0.60 per unit, with a portion of the proceeds ($87,499.80) allocated to the settlement of non-arms-length debt for director’s fees.
• Net proceeds are intended for continued exploration and drilling on the Silver Cord and Black Canyon Projects.

Key Details

• Transaction Structure: Non-brokered private placement, first tranche closed.
• Units Issued: 4,401,142 Units.
• Price Per Unit: $0.60.
• Gross Proceeds: $2,640,686.80.
• Debt Settlement: $87,499.80 of the total proceeds represented a non-arms-length debt settlement for director’s fees.
• Warrant Terms: Each Unit includes one 2-year Common Share purchase warrant.
• Warrant Exercise Price: $0.90 per Common Share.
• Warrant Duration: Two years following the closing date.
• Hold Period: Four months and one day in accordance with Canadian Securities Exchange policies.
• Related Party Transaction: 2,648,332 Units were issued to insiders. The company relies on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as the fair market value does not exceed 25% of market capitalization.
• Use of Proceeds: Continued exploration and drilling on the Silver Cord and Black Canyon Projects.
• Conditions: Subject to receipt of all necessary approvals, including from the Canadian Securities Exchange.

Notable Quotes

• No direct quotes from the CEO/President were included in the text of the release.