Kaminak Announces
$1,000,000 Non-Brokered Private Placement
Not for dissemination in the United
States
June 11th, 2009
Vancouver, B.C. � Kaminak Gold
Corporation (KAM: TSX-V) today
announced a non-brokered, private placement offering (�Offering�) of
2,222,222 units (�Units�) at a price of $0.45 per unit, for total gross
proceeds of $1,000,000 CDN.
�Kaminak is strategically financing
through hard dollars to strengthen the company�s balance sheet,� stated Rob Carpenter, Kaminak�s
President and CEO. �These
funds will be used to accelerate our White Gold and Thunder Bay work programs
and will allow us to aggressively pursue new project acquisitions at minimal
dilution to shareholders.�
Each Unit sold will consist of one (1.0)
common share and one 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.
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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