Kent Exploration Inc.
TSX VENTURE : KEX

Kent Exploration Inc.

April 07, 2011 12:14 ET

Kent Closes 1st Tranche of Private Placement for $421,000

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2011) - Kent Exploration Inc. (TSX VENTURE:KEX)(the "Company" or "Kent") reports that, subject to acceptance for filing of the final documentation by the TSX Venture Exchange ("TSX-V"), it has closed the first tranche of its previously announced, up to 5,000,000 Unit non-brokered Private Placement, of 4,210,000 Units for gross proceeds of $421,000. 

Each unit consists of one (1) common share and one (1) non-transferable common share purchase warrant. Each warrant is exercisable for a period of one (1) year from closing and will entitle the holder to purchase one additional common share in the capital stock of the Company at a price of $0.15 per common share for a period of twelve months. Shares subscribed for in the Private Placement are subject to a four (4) month plus one day hold period. 

Finder Fees consisting of 261,000 compensation warrants (the "Compensation Warrants") and $20,880.00 in cash is to be paid pursuant to the policies of the TSX-V. Each Compensation Warrant will entitle the holder to purchase one (1) common share of the Company for a period of 12 months from the date of issuance at a price of $0.15 per Compensation Warrant.

The Company advises that the previously announced diamond drill operations are continuing on the Company's Alexander River Gold Project, approximately 20 Km southeast of Reefton, West Coast, South Island, New Zealand, and that equipment is being delivered to facilitate the commencement of production on the Company's fully permitted Flagstaff Mine at Northport, in eastern Washington State.

Kent Exploration Inc. is a junior exploration company that has an approximate 35% interest in, and is the controlling shareholder of, Archean Star Resources Inc, ("Archean") which is listed on the TSX Venture Exchange under the symbol ASP. Archean's wholly owned subsidiary, Archean Star Resources Australia, Pty, Ltd, ("ASRA") has an Option Agreement, subject to a 75% back in right, to earn 100% of Teck's interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in West Australia. The Company has also acquired the Alexander River, Paparoa and Lyell gold projects in the highly prolific Reefton gold field in New Zealand.

The Company has an option to earn a 100% interest in the Silver Hills property, a silver/ lead/ zinc prospect in south-eastern British Columbia, The Company has a 100% interest in Coal Prospecting Permits covering approximately 92,000 ha in east-central Saskatchewan, a 100% interest in a mining lease option on the Flagstaff Mountain property, a fully permitted mine which is approved to produce up to 100,000 tons of barite per year, a gold/silver/zinc/barite prospect in eastern Washington state, a 100% interest in the mining lease option on the Ivanhoe Creek property, a Midas-style gold/silver target in Nevada's Carlin Trend, and 50% of a 100% interest in the Ivanhoe Creek placer claims covering a bentonite deposit.

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

Neither the TSX Venture Exchange, nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), has reviewed, nor do they 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