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.
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
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:
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.
Kinbauri Gold Corp.
Darrell Munro, BB.A, LL.B, Manager, Corporate Communications
Kinbauri Gold Corp.
Dr. Vern Rampton, P. Eng., President
Ruediger (Rudy) Hnyk, CEO
Investor Relations & Telecommunications
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.