TORONTO, July 16, 2024 (GLOBE NEWSWIRE) -- King Global Ventures Inc. (CSE: KING) (OTC: KGLDF) (FSE: 5LM1) (the "Company") announced that it has closed its previously announced non-brokered private placement (the "Financing"). The Company raised gross proceeds of $3,379,600 through the issuance of 13,518,400 units at $0.25 per Unit.
Pursuant to the terms of the Financing, each unit is comprised of one common share and one two-year share purchase warrant (the "Warrants"). Each warrant is exercisable at $0.35 in the first six months and $0.45 in the next 18 months, subject to acceleration. The warrants shall be subject to the Company's ability to accelerate expiry, upon 30 days notice, in the event that the shares of the Company trade at $0.70 or higher for 10 consecutive trading days.
Robert Dzisiak, Chief Executive Officer of the Company, subscribed for 100,000 Units of the Company, representing 0.73% of the Units issued.
In addition, 1,400,000 Units were subscribed for by a Director of the Company, representing 10.39% of the units issued. The shares of this Director are subject to CSE escrow provisions.
The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.
The Company paid finders' fees to qualified finders of $4,205 and issued 168,200 broker warrants. The broker warrants are exercisable on the same terms as the Warrants and expire on July 16, 2026.
Securities issued on this closing will be subject to a statutory hold period expiring November 17, 2024.
The Corporation intends to use the net proceeds to fund exploration expenditures on the Silver Cord Project, reserve for acquisitions and working capital.
The Company also announces that Mr. Ben Hudye has been appointed as a Director and Chairman of the Company effective July 16, 2024. Mr. Hudye has a significant background in Canadian agricultural production and residential real estate in the Phoenix U.S.A. area. Mr. Hudye is also one of the founders of Zenith Bank & Trust established in 2023. Mr. George Mendez, based in Mexico is also joining the Board of Directors to fill a vacancy in the Board arising from the resignation of Ms. Shaffina Hirji. Mr. Mendez is a Mexican lawyer and graduate from the London School of Economics and Political Science. In addition, Mr. Volodymyr Bondarneko resigned as a director. The Company expresses its appreciation of the efforts and contributions of Mr. Bondarenko and Ms. Hirji over the past two years.
Robert Dzisiak, Chief Executive of King stated "we are very pleased to have completed our listing on the CSE as well as the closing of a significant financing. The funds will be used towards expanding King's land package and a significant exploration program that will include a maiden drill program at the Silver Cord Property. We are also pleased to have Messrs. Ben Hudye and George Mendez join the King team. Their significant business experience will be a valued addition to the King Board of Directors."
About King Global Ventures:
Silver Cord Property in Arizona
King Global Ventures is focused on the exploration of precious metals in North America. The Silver Cord Project in Yavapai County Arizona is comprised of 41 concessions covering a total area of 790 ac. And is situated 64 miles north of Phoenix Arizona. The Silver Cord Project represents an early-stage exploration opportunity targeting copper-gold-silver-zinc, Volcanogenic Massive Sulphide ("VMS") mineralization. The geology of Yavapai County, Arizona is notable due to the presence of a variety of base and precious metal deposit types. The region has a significant history of exploration, discovery and mining operations, including base metals from mining operations like Bagdad, Jerome and Cleopatra. The property is on trend and 12 miles N.W. of Arizona Metals and 60 miles south of the historic Jerome Copper mine.
York Property in Quebec
The York Property is comprised of 77 claims exceeding 40 sq. km. The Property is on trend between Azimut's Elmer Property and the Eleonor Gold Mine. The Eleonor Mine is hosted by rocks similar to the clastic sediments known to host the Ukaw gold showings.
Additional information about King Ventures can be viewed at the Company's website at or at .
On behalf of King Global Ventures
Robert Dzisiak
Chief Executive Officer
204-955-4803
The technical contents of this news release were approved by Andrew Lee Smith, Bsc., P.Geo, ICD.D, a qualified person as defined by National Instrument 43-101.
Neither the CSE Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the uncertainty of the financing, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals. Readers are cautioned that the assumptions used in preparing such information, although considered reasonable at the time of preparation, may prove imprecise and undue reliance should not be placed on forward-looking statements. Forward-looking statements in this press release are expressly qualified by this cautionary statement.
The forward-looking statements in this press release are made as of the date of this press release, and the Company undertakes no obligations to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by applicable securities law.
