Kaminak Gold Corporation
TSX VENTURE : KAM

Kaminak Gold Corporation

November 16, 2010 09:50 ET

Kaminak Announces Closing of $12 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2010) - Kaminak Gold Corporation (TSX VENTURE:KAM) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Kaminak Gold Corporation ("Kaminak" or the "Company") is pleased to announce that it has today closed the bought deal private placement financing announced October 21, 2010 (the "Offering"). The Company has issued 3,342,600 flow-through common shares (the "Shares") at a price of $3.60 per Share for gross proceeds of $12,033,360. 

The Offering was led by Canaccord Genuity Corp. and included Fraser Mackenzie Limited and Paradigm Capital Inc. (the "Underwriters"). The Underwriters received a cash commission of 6% of the gross proceeds raised through the Offering and warrants ("Broker Warrants") equal to 6% of the Shares issued through the Offering. Each Broker Warrant shall be exercisable to acquire one common share of the Company at an exercise price of $3.60 for a period of 24 months from closing. Securities issued under the Offering are subject to a hold period which will expire four months and one day from the date of closing, being March 17, 2011. 

The Company intends to use the proceeds of the Offering to conduct exploration activities on its Coffee project located in the White Gold District, Yukon.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

On behalf of the Board of Directors of Kaminak

Rob Carpenter, Ph.D., P.Geo., President and CEO

Kaminak Gold Corporation

Kaminak is a member of the Discovery Group of companies. For more information on the group please visit www.discoveryexp.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information