Kingsmen Resources increases private placement to $4.02 million

Kingsmen Resources Ltd. (TSXV: KNG) (OTCQB: KNGRF) (FSE: TUY) announced it will increase its previously announced non-brokered private placement by up to $1,012,500 due to demand.

The Vancouver-based mineral exploration company now proposes to issue up to 2,975,000 units at $1.35 per unit, raising up to $4,016,250. Each unit consists of one common share and one-half of a common share purchase warrant.

Each whole warrant entitles the holder to purchase an additional common share at $1.90 for two years from closing. The company stated that finder's fees may be payable and net proceeds will advance its Las Coloradas Silver/Gold project in Mexico and provide working capital.

All securities issued in the financing are subject to a four-month hold period and regulatory approvals, including acceptance of the TSX Venture Exchange.

Kingsmen Resources focuses on advancing its wholly-owned Las Coloradas silver/gold project and Almoloya gold/silver project in Mexico's Parral mining district. The company also holds a 1% net smelter return on La Trini claims, part of the Los Ricos North project operated by GoGold Resources Inc.

The information is based on a company press release statement.

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