Kingman Minerals closes first tranche of private placement for $499,553

Kingman Minerals Ltd. (TSXV: KGS) (OTCQB: KGSSF) (FSE: 47A1) completed the first tranche of its non-brokered private placement, issuing 7,136,471 units at $0.07 per unit for gross proceeds of $499,553, according to a company statement.

The Vancouver-based exploration company paid a cash finder's fee of $4,620 and issued 66,000 non-transferable finder's warrants exercisable at $0.09 per share until September 2, 2027.

This closing represents part of an upsized private placement announced August 27, 2025, consisting of up to 8,757,143 units for aggregate gross proceeds of approximately $613,000. The company expects to close the second tranche on or about September 10, 2025.

Company insiders subscribed for 2,516,826 units representing $176,177.82 in gross proceeds as part of the first tranche closing.

Kingman plans to use net proceeds for general working capital and to advance its Mohave Project, which includes the historic Rosebud Mine in Arizona. Planned expenditures include preparation of an NI 43-101 compliant technical report, updating the previously permitted drill plan, re-applying for drill permits, and related exploration preparation activities.

All securities issued will be subject to a four-month statutory hold period from the date of issuance. The second tranche closing requires regulatory approvals.

The company's flagship project is the Rosebud Mine in Mohave County, Arizona, where high-grade gold and silver veins were discovered in the 1880s and mined primarily in the late 1920s and 1930s.

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