Kinbauri Announces Proposed Closing of Private Placement
OTTAWA--(Marketwire - May 21, 2009) - Kinbauri Gold Corp.
("Kinbauri") (TSX VENTURE: KNB) (FRANKFURT: 3KG.DE) announces that
further to its press release dated May 14, 2009, it intends to close
its previously announced private placement transaction on May 22,
2009. Kinbauri intends to issue up to 6,000,000 Units at a price of
$0.50 per Unit for gross proceeds of $3,000,000. Each Unit will
consist of one common share and one-half of a common share purchase
warrant. Each whole warrant entitles the holder to purchase one
common share at a price of $0.70 for a period of 12 months from the
date of issuance. The securities will be subject to a four month hold
period from the date of the closing. Kinbauri will pay finder's fees
to parties that referred subscribers to the Company, consisting of 6%
of the funds raised and compensation warrants equal to 6% of the
Units purchased. Each compensation warrant entitles the holder to
acquire one Unit at a price $0.50 per Unit for a period of up to 12
months from the date of issuance. The proceeds of this financing will
be used for general working capital purposes.
About Kinbauri:
Kinbauri is a TSXV - Tier 1 Mineral Exploration Company focused on
the development of precious metal prospects in Spain, Nevada and
Canada. Its immediate focus is to begin operations at its El
Valle/Carles property in Asturias, northwestern Spain in 2010. It
currently has 53,243,051 common shares issued and outstanding.
This press release contains certain forward-looking statements, which
are based on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected. Kinbauri
undertakes no obligation to update forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on
forward-looking statements.
VISIT:
Kinbauri Gold's Hub at http://www.agoracom.com/IR/kinbauri where
investors can post questions and receive answers or review questions
and answers already posted by other investors. Kinbauri Web-Site:
www.kinbauri-gold.com
THIS PRESS RELEASE WAS PREPARED BY KINBAURI GOLD CORP. THE TSX
VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts:
North America
Darrell Munro, BB.A, LL.B
Manager, Corporate Communications
613-836-0198
dmunro@kinbauri-gold.com
Dr. Vern Rampton, P. Eng.
President
613-836-2594
613-831-2730 (FAX)
Kinbauri@kinbauri-gold.com
Europe
INVESTEL
Investor Relations & Telecommunications
Ruediger (Rudy) Hnyk, CEO
ceo@investel.de
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.