(TheNewswire)
Toronto, Ontario - TheNewswire – December 31, 2020 – King Global Ventures Inc. (TSXV:KING) (OTC:KGLDF)(FSE:5LM1) (the " Company ") ispleased to announce that it has closed a non-brokered privateplacement offering of an aggregate of 5,240,166 flow-through units (a" FT Unit ") of the Company at a price of $0.06 per FT Unit forgross proceeds of $314,410 (the " Offering ").
Each FT Unit is comprised of one common share in thecapital of the Company, issued on a "flow-through" basis(each, a " FTShare "), and one common share purchasewarrant (each whole warrant, a " Warrant "). TheFT Shares will qualify as "flow-through shares" within themeaning of subsection 66(15) of the Income Tax Act (Canada). Each Warrant entitles the holder thereof toacquire one additional common share (" Common Share ")of the Company, to be issued on a non-flow-through basis, at anexercise price of $0.08 until December 31, 2022.
The gross proceeds derived from the sale of the FTUnits under Offering will be used for general exploration expenditureson the Company's mineral properties located in Newfoundland andQuebec.
In connection with the Offering the Company paidcertain eligible persons: (i) a cash commission in the aggregate of$5,704.20; and, (ii) an aggregate of 214,017 broker warrants (each a" BrokerWarrant "). Each Broker Warrant entitles theholder thereof to acquire one Common Share at an exercise price of$0.08 until December 31, 2021.
The closing of the Offering is subject to certainconditions including, but not limited to, the receipt of all necessaryapprovals including the final approval of the TSX VentureExchange.
Additional information about King Ventures can beviewed at the Company's website at www.kingtsxv.com or at www.sedar.com .
Contact
For further information, contact Mr. John Cook,President of King Global Ventures Inc. at: (416) 200-8073 and johncook@kos.net or visit www.kingtsxv.com
Cautionary and Forward-LookingStatements
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Certain information in this news release may containforward-looking statements that involve substantial known and unknownrisks and uncertainties. These forward-looking statements are subjectto numerous risks and uncertainties, certain of which are beyond thecontrol of the Company, including but not limited to, the uncertaintyof the financing, the impact of general economic conditions, industryconditions, dependence upon regulatory approvals. Readers arecautioned that the assumptions used in preparing such information,although considered reasonable at the time of preparation, may proveimprecise and undue reliance should not be placed on forward-lookingstatements. Forward-looking statements in this press release areexpressly qualified by this cautionary statement.
The forward-looking statements in this press releaseare made as of the date of this press release, and the Companyundertakes no obligations to update publicly or to revise any of theincluded forward-looking statements, whether because of newinformation, future events or otherwise, except as expressly requiredby applicable securities law.
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