VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 28, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES NEWSWIRE SERVICES
West Kirkland Mining Inc. (TSX VENTURE:WKM) ("West Kirkland" or the "Company") announces that it has closed a private placement of common shares of the Company with two of its major shareholders for $1,650,000 at $0.10 per share (the "Private Placement").
The Company issued 16,500,000 shares at a price of $0.10 per share for aggregate gross proceeds of $1,650,000. There were no finder's fees or commissions paid on the Private Placement which was arranged by management with the Company's major shareholders. Following the Private Placement Sun Valley Gold Master Fund, Ltd. and Ruffer LLP, on behalf of its clients, will hold 33.19% and 16.84% respectively of the common shares of the Company.
The Company intends to use the net proceeds of the Private Placement for general working capital, targeted resource expansion drilling, regional exploration, and phase-two permitting on its 75% interest in the Hasbrouck Project in Nevada. Clover Nevada LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP, ("Waterton"), owns the remaining 25% interest in the Hasbrouck Project. Waterton has indicated to the Company that they will fund their 25% share of project expenditures.
The shares sold in this Private Placement will be subject to a four-month resale restriction from the date of closing.
The securities offered pursuant to the Offerings have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About West Kirkland Mining Inc.
West Kirkland owns a 75% interest in the Hasbrouck Gold Project in Tonopah, Nevada. A completed Pre-Feasibility Study and Environmental Assessment with construction level drawings and full permitting for the phase-one Three Hills Mine provides a shovel-ready gold project. West Kirkland also holds a 60% interest in the open pit heap-leach TUG Gold Project in Utah in Joint Venture with Newmont.
On behalf of the Board of West Kirkland Mining Inc.
Frank R. Hallam, CFO and Director
Authors and Qualified Persons Statement
Sandy McVey, P.Eng., Chief Operating Officer for West Kirkland, and a non-independent Qualified Person as defined by NI 43-101, has also reviewed the information contained in this news release and has verified the data.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this news release includes, without limitation, the statements regarding the use of proceeds and the holdings of the Company's major shareholders and other statements that are not historical facts. Information concerning mineral resource/reserve estimates and the economic analysis thereof contained in the prefeasibility study are also forward-looking statements in that they reflect a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined. Although West Kirkland believes that such timing and expenses as set out in this press release are reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, significant increases in any of the machinery, equipment or supplies required to develop and operate a mine, a significant change in the availability or cost of the labor force required to operate a mine, a significant increases in the cost of transportation for the Company's products, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.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.