Kent Exploration Inc.
TSX VENTURE : KEX

Kent Exploration Inc.

November 22, 2010 18:38 ET

Kent Exploration Inc.: 1st Tranche Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2010) - Kent Exploration Inc (the "Company") (TSX VENTURE:KEX) announces that, subject to acceptance for filing of the final documentation by the TSX Venture Exchange ("TSX-V"), it has closed a 1st tranche of its up to 9,000,000 Unit non-brokered Private Placement, announced November 16, 2010, for 2,973,000 Units (the "Units") at $0.12 per Unit for gross proceeds of $356,760.

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 two (2) years from closing and will entitle the holder to purchase one additional common share in the capital stock of the Company at a price of $0.18 per common share for the first year and $0.22 per common share for the second year. Shares subscribed for in the Private Placement are subject to a four (4) month plus one day hold period. 

Finder Fees consisting of 75,000 broker compensation options (the "Broker Compensation Options") and $9,000 in cash was paid pursuant to the policies of the TSX-V. Each Broker Compensation Option will entitle the holder to purchase one Unit of the Company, which consists of one (1) common share and one (1) non-transferable common share purchase warrant, for a period of 12 months from the date of issuance at a price of $0.12 per Unit.

Mr. Graeme O'Neill, an insider of the Company, subscribed for 1,750,000 of the 2,973,000 Units.

Kent Exploration Inc. is a junior exploration company that has entered into an Option Agreement with Teck Australia Pty Ltd (Teck) to acquire 100% of Teck's interest in the Gnaweeda Gold Project in Western Australia and has acquired the Alexander River, Lyell and Paparoa Gold Projects in New Zealand.

The Company has a mining lease option on the Flagstaff Mountain property, 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, 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, and a 100% interest in Coal Prospecting Permits covering approximately 92,000 ha in east-central Saskatchewan.

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