KWG Completes Second Tranche Of Flow-Through Placement08 Nov 2013
Montreal, Canada – November 8, 2013 – KWG Resources Inc. (TSXV: KWG) has completed a second tranche of a private placement of flow-through units, for gross proceeds of $1,328,000. Each unit comprises one flow-through treasury share and one warrant which may be exercised to acquire a further flow-through share for $0.10 at any time within three years. The units may be acquired by qualified investors for a subscription of $0.05 each.
Finder’s fees included a payment in cash of $31,250 and a compensation option entitling its holder to purchase 250,000 common shares of KWG at a price of $0.05 during a three-year period. All securities issued are subject to a four-month hold period.
KWG has now completed $1,628,000 of a $2 million private placement conditionally approved by the TSX Venture Exchange. The company has sought approval to increase the private placement to $2.4 million with a final closing on November 18, 2013. The proceeds of the placement will fund a drilling program designed to extend the Black Horse inferred resource this winter.
About KWG: KWG has a 30% interest in the Big Daddy chromite deposit and the right to earn 80% of the Black Horse chromite where resources are being defined in a drilling program now under way. KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted a $15 million surveying and soil testing program for the engineering and construction of a railroad to the Ring of Fire from Exton, Ontario.
For further information, please contact:
Bruce Hodgman, Vice-President
416-642-3575 – firstname.lastname@example.org
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