Not for dissemination in the United States
June 22, 2009
Vancouver, B.C. � Kaminak Gold
Corporation (KAM: TSX-V) today
announced a non-brokered, private placement offering (�Offering�) of
1,000,000 flow-through units (�FT Units�) at a price of $0.50 per unit, for
total gross proceeds of $500,000 CDN.
Each FT Unit sold will consist of one
(1.0) flow-through share and one non-flow-through common share purchase
warrant. Each whole common share purchase warrant will be exercisable
into one common share for a period of 24 months from closing at a price of
$0.55 per share in the first 12 months and $0.70 per share in the subsequent
12 months. All securities issued in the private placement will be
subject to a four-month hold period from the closing of the private
placement.
The warrants will be subject to an
acceleration clause, whereby, if the weighted average trading price of the
Corporation�s shares on the Exchange is at a price greater than $0.10 above
the strike price of a whole common share purchase warrant for a period of 10
consecutive trading days, the Corporation will have the right to accelerate
the expiry date of the warrants. The Corporation will give
written notice to the holders of the warrants that the warrants will expire
within 30 days of the date notice provided by the Corporation to the warrant
holders. Such notice by the Corporation to the holders of the warrants
may not be given until 4 months and one day after the Closing. The Offering
is subject to certain conditions, including regulatory acceptance.
Finder fees may be payable on portions of the Offering.
Proceeds for the Offering will be used to fund 2009 exploration programs on
Kaminak�s Yukon gold and Thundery Bay platinum-palladium properties.
About Kaminak
Kaminak Gold Corporation is an opportunity focused prospect
generator whose technical strength and entrepreneurial drive is complemented
by a proven, successful business model designed to create shareholder value.
The company's business model employs a joint venture strategy that exposes
Kaminak shareholders to multiple opportunities for discovery. Kaminak
projects offer world-class exploration potential and present exposure to
strategic commodities with an emphasis on gold.
Kaminak currently has working capital in excess of $5,400,000
including over $4,400,000 in cash. The company has a low corporate burn-rate
of under $60,000 per month and no debt. These factors combine to put Kaminak
in a position of strength in the current market. Management will
continue to seek out market friendly opportunities which are value-driven with
high-potential for discovery.
On behalf of the Board of Directors of Kaminak
�Rob Carpenter�
Rob Carpenter, Ph.D., P.Geo.
President and CEO
Kaminak Gold Corporation
For further information about Kaminak Gold Corporation or this
news release, please visit our website at www.kaminak.com
or contact Tony Reda, Investor Relations, at toll free 1.888.331.2269,
directly at 604.646.4534 or by email at info@kaminak.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.
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.
Certain disclosures in this release, including management's
assessment of plans and projects and intentions with respect to listings of
securities, use of proceeds and future exploration programs, constitute
forward-looking statements that are subject to numerous risks, uncertainties
and other factors relating to Kaminak�s operations as a mineral exploration
company that may cause future results to differ materially from those
expressed or implied in such forward-looking statements, including risks as
to the completion of the plans and projects. Readers are cautioned not to
place undue reliance on forward-looking statements. Kaminak expressly
disclaims any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events, or
otherwise.
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