King Global Ventures closes first tranche for $2.64M

Executive Summary

• King Global Ventures closed the first tranche of its non‑brokered private placement, issuing 4,401,142 units at $0.60 each for gross proceeds of $2,640,686.80.
• Each unit includes one common share and a two‑year warrant to purchase an additional share at $0.90; securities are subject to a four‑month + one‑day hold period.
• Net proceeds will be used to fund continued exploration and drilling on the Silver Cord and Black Canyon projects.

Key Details

• Units Issued: 4,401,142 units at $0.60 per unit.
• Gross Proceeds: $2,640,686.80 total.
• Debt Settlement Component: $87,499.80 represented a non‑arm’s‑length settlement of directors’ fees debt.
• Unit Composition: 1 common share + 1 two‑year common share purchase warrant per unit.
• Warrant Terms: Right to purchase one additional common share at $0.90 per share; exercisable for two years after closing.
• Hold Period: Securities subject to a four‑month and one‑day hold period under CSE rules.
• Related Party Transaction: 2,648,332 units issued to insiders (≈60% of total) qualify as a related‑party transaction; exemptions from formal valuation and minority shareholder approval applied because the consideration does not exceed 25 % of market cap.
• Use of Proceeds: Net proceeds earmarked for exploration and drilling activities on the Silver Cord and Black Canyon projects in Arizona.
• Regulatory Conditions: Closing contingent upon receipt of all required approvals, including CSE acceptance.

Notable Quotes

(No direct quotes were provided in the release.)