West Kirkland Mining Inc. Announces $30.0 Million Best Efforts Offering of Units
March 11 2014 - 1:31PM
Marketwired Canada
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
West Kirkland Mining Inc. (TSX VENTURE:WKM) ("WKM" or the "Company") announces
that the Company has filed a preliminary prospectus in connection with a "best
efforts" offering of units (the "Units") for aggregate gross proceeds of a
minimum of $25 million and a maximum of $30 million (not including the exercise
of the Over-Allotment Option) (the "Offering"). The Offering will be co-led by
Cormark Securities Inc. and PI Financial Corp. and shall include a syndicate of
agents including GMP Securities L.P. and Macquarie Capital Markets Canada Ltd.
(the "Agents"). The Units will be priced in the context of the market. The
Agents have the option to purchase up to an additional 15% of the Units sold
under and on the same terms as the Offering at any time until 30 days following
the closing date. The Agents can elect to exercise the Over-Allotment Option for
Units or Warrants only, or any combination thereof. In the event that the
maximum offering size is sold and the over-allotment option is exercised in its
entirety, the aggregate gross proceeds of the offering will be up to $34.5
million.
Each Unit shall consist of one common share (a "Common Share") of the Company
and one-half of one common share purchase warrant (each full warrant, a
"Warrant") for a period of 12 months following the closing of the Offering.
The Units will be offered by way of a short form prospectus which has been filed
in all of the provinces of Canada (other than Quebec) pursuant to National
Instrument 44-101 Short Form Prospectus Distributions and in the United States
on a private placement basis pursuant to an exemption from the registration
requirements of the United States Securities Act of 1933, as amended. Closing of
the Offering is anticipated to occur on March 31, 2014 and is subject to receipt
of applicable regulatory approvals including approval of the TSX Venture
Exchange.
The net proceeds of the Offering will be used to fund the acquisition payment to
Allied Nevada Gold Corp. in connection with the acquisition of the Hasbrouck
project and for general corporate purposes.
The securities offered have not been, and will not be, registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state
securities laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, U.S. persons absent registration or any
applicable exemption from the registration requirements of the U.S. Securities
Act and applicable U.S. state securities laws. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy securities in
the United States, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful.
About West Kirkland Mining Inc.
WKM was formed in 2010 to focus on gold exploration along major trends in North
America. The Company has consolidated significant mineral rights positions
within the Long Canyon Trend of Nevada/Utah. The founders and Board members of
WKM have successful experience in gold discovery, mine development and mine
operations in Nevada and other gold producing jurisdictions in North America.
For further information, please see contact us by email at info@wkmining.com.
Disclaimer for Forward-Looking Information
This press release contains forward-looking information or forward looking
statements (collectively "forward-looking information") within the meaning of
applicable securities laws. Forward-looking information is typically identified
by words such as: believe, expect, anticipate, intend, estimate, postulate and
similar expressions, or are those, which, by their nature, refer to future
events. Forward-looking information in this news release includes, without
limitation, all statements regarding the terms, proposed timing and completion
of the Offering, the use of proceeds and the filing of the preliminary and final
prospectus. Although WKM believes that such timing as set out in this press
release is reasonable, it can give no assurance that such expectations will
prove to be correct. The Company cautions investors that any forward-looking
information provided by the Company is not a guarantee of future results or
performance, and that actual results may differ materially from those in forward
looking information as a result of various factors, including, but not limited
to, the state of the financial markets for the Company's equity securities, the
state of the market for gold or other minerals that may be produced generally,
closing of the transaction with Allied Nevada; variations in the nature, quality
and quantity of any mineral deposits that may be located, the Company's ability
to obtain any necessary permits, consents or authorizations required for its
activities, to raise the necessary capital or to be fully able to implement its
business strategies and other risks associated with the exploration and
development of mineral properties. The reader is referred to the Company's
public filings for a more complete discussion of such risk factors and their
potential effects which may be accessed through the Company's profile on SEDAR
at www.sedar.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.
FOR FURTHER INFORMATION PLEASE CONTACT:
West Kirkland Mining Inc.
R. Michael Jones
(604) 685-8311
West Kirkland Mining Inc.
Michael Allen
(604) 685-8311
West Kirkland Mining Inc.
Knox Henderson
(604) 685-8311
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