Kingman Minerals upsizes private placement to $613,000

Kingman Minerals Ltd. (TSXV: KGS) increased its non-brokered private placement to approximately $613,000 from the originally announced $504,000 due to excess demand, according to a company statement.

The offering will include up to 8,757,143 units priced at $0.07 each. Each unit consists of one common share and one warrant allowing the purchase of an additional share at $0.09 within 24 months of closing.

The company may pay finder's fees equal to 6% of gross proceeds and issue finder's warrants for 6% of units sold. These warrants carry the same $0.09 exercise price and 24-month term.

Net proceeds will fund general working capital and advance the company's Mohave Project, which includes the historic Rosebud Mine in Arizona. Planned expenditures include preparing an NI 43-101 compliant technical report, updating the previously permitted drill plan, re-applying for drill permits, and exploration preparation activities.

The offering requires regulatory approvals, including TSX Venture Exchange approval. Securities issued will be subject to a four-month and one-day statutory hold period.

Company insiders and related parties are expected to participate in the offering. The company plans to rely on exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101, as the related party participation value falls below 25% of the company's market capitalization.

Kingman Minerals focuses on precious metals exploration in North America. 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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