Kaminak Closes
$500,000 Non-Brokered Flow-Through Private Placement
July 15, 2009
Vancouver, B.C. � Kaminak Gold
Corporation (KAM: TSX-V) today
announces the closing of the Flow-Through 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 consists of one
flow-through share and one non-flow-through common share purchase warrant
expiring July 9, 2011. Each whole common share purchase warrant will be
exercisable into one common share at a price of $0.55 per share until July 9,
2010 and $0.70 per share until July 9, 2011. All securities issued in
the private placement will be subject to a hold period until November 10,
2009.
The warrants are 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 after November 10, 2009.
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 has a low corporate burn-rate of
under $60,000 per month and no debt. These factors 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.
Kaminak Gold Corporation is a member of
the Discovery Group of Companies, for more information on the group visit www.discoveryexp.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.
|