Kakanda Resources Corp.
TSX VENTURE : KRC

Kakanda Resources Corp.

November 09, 2007 10:15 ET

Kakanda Closes Otish Acquisition and Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2007) - Kakanda Resources Corp. ("Kakanda") (TSX VENTURE:KRC) is pleased to announce that it has closed the acquisition of 1735046 Ontario Inc. ("Ontco") as reported in Stockwatch news July 4, 2007. Ontco is the owner of 334 mineral claims (approximately 17,872 hectares) in the Otish Basin of Quebec.

Kakanda is also pleased to announce that it has closed the financing of 4,000,000 flow-through common shares to raise total gross proceeds of $1-million at a price of 30 cents per flow-through share and has closed the financing of 6,666,667 units (that are not flow-through common shares) at a price of 30 cents per unit to raise total gross proceeds of $2 million. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder thereof to purchase one common share of Kakanda at a price of 40 cents per share for a period of 24 months following the closing date of the financing. All of the securities issued in the financing will have a hold period expiring four months and one day from the closing date.

Kakanda plans to explore the Ontco properties for unconformity-type uranium deposits both above and below the basin surface as well as for Matoush fault-type uranium deposits well above the basin rim. The first phase of exploration will include a high-definition magnetic and radiometric airborne survey over the entire property in order to generate prospecting targets.

On Behalf of the Board,

Kakanda Resources Corp.

Steve Smith, President

Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above and in the corporation's periodic filings with the British Columbia Securities Commission and the U.S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not intend to update this information and disclaims any legal liability to the contrary.

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

Contact Information

  • Kakanda Resources Corp.
    Steve Smith
    President
    (604) 642-0115
    (604) 642-0116 (FAX)
    Email: steve.smith@telus.net