West Kirkland Mining Inc.

TSX VENTURE : WKM


West Kirkland Mining Inc.

May 02, 2014 17:29 ET

West Kirkland Closes $3.4 Million in Second Tranche of Non-Brokered Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 2, 2014) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

West Kirkland Mining Inc. (TSX VENTURE:WKM) ("West Kirkland" or the "Company") today announces that it has closed the second and final tranche of its private placement (the "Non-Brokered Offering"), previously announced on April 9, 2014, by issuing 22,700,000 units (the "Units") for gross proceeds of $3,405,000. Each Unit in the Non-Brokered Offering was issued at a price of $0.15 and consisted of one common share (a "Common Share") of the Company and one common share purchase warrant (a "Warrant"), with each Warrant exercisable for one common share (each, a "Warrant Share") at a price of $0.30 until April 17, 2019.

Combined with the first tranche, the total Units issued in the Non-Brokered Offering totalled 54,992,666 for gross proceeds of $8,248,900.

The Company paid fees to certain finders, including affiliates of Sprott Inc. (TSX:SII), representing 6% of the gross proceeds of the Non-Brokered Offering. All securities issued pursuant to the second tranche of the Non-Brokered Offering are subject to statutory and stock exchange four month hold periods which expire on September 3, 2014.

The Non-Brokered Offering was completed in conjunction with a fully marketed prospectus offering (the "Prospectus Offering" and together with the Non-Brokered Offering, the "Offerings") of Units announced on March 11, 2014 and priced April 9, 2014. Pursuant to the Offerings, the Company issued an aggregate of 217,607,833 Units at a price of $0.15 per Unit for aggregate gross proceeds of $32,641,175 including the partial exercise of an Over-Allotment Option.

After paying US$19.5 million to Allied Nevada Gold Corp. to complete its acquisition of an initial 75% interest in the Hasbrouck gold project, as announced April 23, 2014, the Company intends to use the remaining balance of proceeds to advance Hasbrouck and for general corporate purposes.

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 was formed in 2010 to focus on gold exploration along major geological trends in North America. The Company has consolidated significant mineral rights positions within the Long Canyon Trend of Nevada/Utah. The founders and Board members of West Kirkland have successful experience in gold discovery, mine development and mine operations in Nevada and other gold producing jurisdictions in North America.

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, statements regarding the use of proceeds. Although West Kirkland believes that such timing as set out in this press release is reasonable, it can give no assurance that such expectations 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, 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.

Contact Information

  • West Kirkland Mining Inc.
    R. Michael Jones
    (604) 685-8311

    West Kirkland Mining Inc.
    Knox Henderson
    (604) 685-8311
    info@wkmining.com