/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
VANCOUVER,
April 2, 2013 /CNW/ - Kivalliq
Energy Corporation ("KIV: TSX-V" Kivalliq") today announced a
non-brokered private placement financing to raise gross proceeds of
CDN $ $4,500,000.
The financing will consist of approximately 15
million units ("Units"), at a price of $0.30 per Unit (the "Offering"). Each Unit
consists of one common share and one whole warrant. Each whole
warrant will allow the holder to acquire an additional common share
of Kivalliq at a price of $0.50 per
share for a period of two years following the date of closing.
Kivalliq intends to use the net proceeds of the
Offering to fully fund the first phase of its 2013 Exploration
Program at the Angilak Property in Nunavut, Canada and for general working
capital purposes. The budget for phase one has been adjusted to
$4 million from $8 million (see news release dated February 5, 2013) and includes high priority
drilling and geophysical activities in key areas that must be
completed before break-up sometime in June. Pending results and
market conditions, Kivalliq will continue the second phase of the
proposed 2013 Exploration Program at Angilak, with additional core
drilling and geophysical, geological, geochemical and engineering
surveys in the field.
The completion of the Offering is subject to TSX
Venture Exchange approval. The securities issued by Kivalliq
in connection with the Offering will be subject to a four month
"hold period" as prescribed by the TSX Venture Exchange and
applicable securities laws. A portion of the Offering may be
subject to finders' fees.
The Offering is being made pursuant to
prospectus exemptions in all provinces of Canada and in other jurisdictions as may be
determined by Kivalliq. The securities offered have not been
registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation (TSX-V: KIV) is a
Vancouver-based uranium
exploration company holding Canada's highest-grade uranium resource
outside of Saskatchewan's
Athabasca Basin. Its flagship
project, the 340,268 acre Angilak Property in Nunavut Territory,
hosts the Lac 50 Trend with a NI 43-101 Inferred Resource of
2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds
U3O8. Kivalliq's comprehensive exploration programs continue to
advance the Lac 50 Trend and demonstrate the "District Scale"
potential of the Angilak Property.
Kivalliq's team of northern exploration
specialists have forged strong relationships with sophisticated
resource sector investors and project partner Nunavut Tunngavik
Inc. ("NTI") in order to advance the Angilak Property. Kivalliq was
the first company to sign a comprehensive agreement to explore for
uranium on Inuit Owned Lands in Nunavut Territory, Canada and is committed to building
shareholder value while adhering to high levels of environmental
and safety standards and proactive local community engagement.
On behalf of the Board of Directors
"Jim Paterson"
James R. Paterson, CEO
Kivalliq Energy Corporation
Kivalliq Energy Corporation is a member of the
Aurora Mineral Resource Group of companies, for more information
please visit www.auroraresource.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.
Certain disclosures in this release, including
the completion of the Offering and the budget and exploration
program proposed for the Angilak Property, constitute
forward-looking statements that are subject to numerous risks,
uncertainties and other factors relating to Kivalliq'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. Other than as required by
applicable securities legislation, Kivalliq 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.
Cautionary Note concerning estimates of Inferred
Resources:
This news release uses the term "inferred
resources". Inferred resources have a great amount of uncertainty
as to their existence, and great uncertainty as to their economic
and legal feasibility. It cannot be assumed that all or any part of
an Inferred Mineral Resource will ever be upgraded to a higher
category. Kivalliq advises U.S. investors that while this term is
recognized and required by Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize it. U.S.
investors are cautioned not to assume that part or all of an
inferred resource exists, or is economically or legally
mineable.
SOURCE Kivalliq Energy Corporation