Kent Exploration Inc.
TSX VENTURE : KEX

Kent Exploration Inc.

July 23, 2009 18:02 ET

Kent Exploration Inc.: 2,450,000 Unit Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 23, 2009) - Kent Exploration Inc. (the "Company") (TSX VENTURE:KEX) announces that the TSX Venture Exchange has accepted for filing the Company's previously announced non-brokered private placement, under which the Company has raised gross proceeds of $245,000.

Units were priced at $0.10 and consist of one (1) common share and one (1) transferable common share purchase warrant, exercisable at a price of $0.15 for a term of two (2) years from closing. A total of 2,450,000 common shares and 2,450,000 common share purchase warrants are to be issued pursuant to the closing.

The gross proceeds from the sale of the Units are to be used for general corporate purposes, completion of an independent NI 43-101-compliant report on, and continuing exploration on, the Gnaweeda Gold Project.

Insider participation: Graeme O'Neill; 1,250,000.

The shares and warrants subscribed for under this placement are subject to a four month and one day hold period and will not be able to be traded until November 24, 2009.

Kent Exploration Inc. is a junior exploration company that has a 100% interest in a mining lease option on the Flagstaff Mountain property, a gold/silver/zinc/barite prospect in eastern Washington state, 50% of a 100% interest in the mining lease option on the Ivanhoe Creek property, a Midas-style gold/silver target in Nevada's Carlin Trend, 50% of a 100% interest in the Ivanhoe Creek placer claims covering a bentonite deposit, 100% interest in the Courtney Lake property, a silver/lead/zinc prospect in north-east Saskatchewan, an option to earn a 100% interest in the Silver Hills property, a silver/lead/zinc prospect in south-eastern British Columbia, 100% interest in Coal Prospecting Permits covering approximately 92,000 ha in east-central Saskatchewan, and an option to acquire a 70% interest in CanAlaska Uranium's Reefton, gold project in New Zealand. The Company has executed a proposal with Teck Australia Pty, Ltd., to enter into an Option Agreement to earn 100% of Teck's interest in Chalice Gold's Gnaweeda Gold Project in West Australia.

This News Release has been prepared on behalf of the Kent Exploration Inc. Board of Directors, which accepts full responsibility for its contents.

ON BEHALF OF THE BOARD

Graeme O'Neill, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Kent Exploration Inc.
    Graeme O'Neill
    President
    604-684-3394 or Toll Free: 1-866-399-6539
    1-888-282-7763 (FAX)
    www.kent-exploration.com