Kingsmen Resources closes C$13 million private placement financing

Kingsmen Resources Ltd. (TSXV: KNG) announced the completion of its bought deal private placement, raising gross proceeds of C$13 million. The mining exploration company sold 5,777,778 units at C$2.25 per unit, with the underwriter exercising its option in full.

Each unit consists of one common share and one-half warrant. The warrants allow holders to purchase additional shares at C$3.00 each until February 11, 2029.

Red Cloud Securities Inc. served as sole underwriter and received C$910,000 in cash fees plus 404,444 broker warrants exercisable at the offering price through February 2029.

The company stated it will use proceeds to explore and advance its Las Coloradas and Almoloya projects in Chihuahua, Mexico, along with working capital and general corporate purposes. Both properties are located in the Parral region, described by the company as a historic silver-producing area.

The units were issued to Canadian purchasers under the listed issuer financing exemption, making the securities immediately tradeable in Canada according to applicable securities legislation. The transaction remains subject to final approval from the TSX Venture Exchange.

The securities have not been registered under U.S. securities laws and may not be offered or sold in the United States without registration or an applicable exemption.

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