OTTAWA, ONTARIO--(Marketwire - May 26, 2009) - Kinbauri Gold Corp.
("Kinbauri") (TSX VENTURE: KNB)(FRANKFURT: 3KG.DE) announces that
further to its press release of earlier today, Kinbauri has closed
its previously announced private placement of 6,000,000 Units at a
price of $0.50 per Unit for gross proceeds of $3,000,000. Each Unit
consists 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 until May 26, 2010. Kinbauri paid
finder's fees consisting of $156,000 and 312,000 compensation
warrants. Each compensation warrant entitles the holder to acquire
one Unit at a price $0.50 per Unit until May 26, 2010. All securities
will be subject to a four month hold period from the date of the
closing. 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 59,243,051 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
Kinbauri Gold Corp.
Darrell Munro, BB.A, LL.B, Manager, Corporate Communications
613-836-0198
dmunro@kinbauri-gold.com
www.kinbauri-gold.com
Kinbauri Gold Corp.
Dr. Vern Rampton, P. Eng., President
613-836-2594
613-831-2730 (FAX)
vrampton@kinbauri-gold.com
kinbauri@kinbauri-gold.com
Europe
INVESTEL
Ruediger (Rudy) Hnyk, CEO
Investor Relations & Telecommunications
ceo@investel.de
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
