VANCOUVER, BC – September 11, 2019 – Kenadyr Mining (Holdings) Corp. (TSX-V: KEN; OTC-MKTS: KNDYF; FRA: KM0) (the “Corporation” or “Kenadyr”) is pleased to announce that it has successfully closed the first tranche of its private placement (the “Offering”) led by Gravitas Securities Inc. (the “Agent”) of 8,410,000 units of the Corporation (the “Units”) at a price of $0.08 per Unit for gross proceeds of $672,800.
Each Unit consists of one (1) common share of the Corporation (a “Common Share”) and half of one Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one Common Share (a “Warrant Share”) until September 11, 2021 at an exercise price of $0.12 per Warrant Share, subject to adjustment in certain events.
The Corporation intends to use the net proceeds of the Offering for the exploration and development of its Borubai gold project and general working capital.
In connection with the Offering, the Corporation paid the Agent a cash fee of approximately $53,824. Additionally, the Corporation issued 672,800 compensation warrants to the Agent and another selling dealer group member (the “Compensation Warrants”). Each Compensation Warrant entitles the holder thereof to purchase one Unit (a “Compensation Unit”) at an exercise price of $
1. 12 until September 11, 2021. Each warrant underlying a Compensation Unit is exercisable into one Common Share for a period of two years following the date of issuance at an exercise price of $0.12 per Common Share, subject to adjustment in certain events. The Corporation also paid the Agent a corporate finance fee of $33,6 64 which was paid in 420,500 Units.
All securities issued in connection with the Offering are subject to a four month hold period expiring January 12, 2020.
Kenadyr is also pleased to announce that the Corporation has received TSX Venture Exchange approval to amend the exercise price to $0.10 for an aggregate of 3,140,000 incentive stock options originally granted on April 20, 2017 for a period of 5 years to directors and officers of the Corporation, also subject to 20% vesting on the date of grant and 20% vesting each 6 months thereafter over a 5 year period from the date of original grant.
Kenadyr is currently listed on the TSXV Exchange and its primary business is mineral exploration in the Kyrgyz Republic, specifically gold exploration in Borubai. Kenadyr holds all issued and outstanding securities in PIC Ala-Too, a Kyrgyz Republic company registered in Bishkek, which is the 100% legal and beneficial holder of an exploration license related to Kenadyr’s Borubai Project.
ON BEHALF OF KENADYR MINING (HOLDINGS) CORP.
Chief Executive Officer and Director
For more information, visit www.kenadyr.com or contact Kevin Ma, CFO at email@example.com or (604) 687-7130.
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the future plans and objectives of the Corporation are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation’s expectations include the success for failure of the Corporation’s proposed exploration activities on the Bourabi Project or its resource potential relative to the TBL Mine and other risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.