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Jul 14, 2010: News: Klondex Sets Term Sheet for $10 - $20 Million in Gold-Backed Financing... (more...)
Jul 06, 2010: News: Klondex Mines Appoints Mining Veteran Blane Wilson President and COO (more...)
Jun 22, 2010: News: Klondex and Paramount Agree to Release of Claims and Dismissal of Liti... (more...)
Lander County
Nevada
Updated: 02-Sep-10
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| |   Fri Nov 26, 2004
Klondex Mines Ltd. Closes $6.25 Million Bought Deal Financing and Completes Phase 2 Drill Program
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| | Vancouver, British Columbia − Klondex Mines Ltd. (TSXV: KDX) (the "Company") has closed its previously announced bought deal financing of 2,632,000 units ("Units") and the underwriter's over-allotment option of 658,000 Units for gross proceeds of $6,251,000. Each unit consists of one common share (a "Share") and one half of one common share purchase warrant (a "Warrant"). Each whole warrant entitles the holder to purchase one additional common share for a period of 18 months from closing at an exercise price of $2.35 per share. Net proceeds of the offering will be used to continue the Company's ongoing work program on the Fire Creek property, Nevada, for working capital and for general corporate purposes.
Canaccord Capital Corporation and Jones, Gable & Company Limited underwrote the private placement and received a 7% cash commission and warrants (the "Underwriters Warrants") to acquire 230,300 common shares at $1.90 per share, exercisable for 18 months.
The Shares, Warrants and Underwriters Warrants, and common shares underlying the Warrants and Underwriters Warrants are subject to a four month hold period which expires March 27, 2005.
The Company also announces the completion of Phase 2 of its drilling program at Fire Creek in Nevada. Thirteen holes totalling 20,740 feet (6,323 metres) of reverse circulation and diamond core drilling have now been completed. The results of the first three holes were released on October 15, 2004. The Company will release the remaining results once the final assays are received from the laboratory.
Richard P. Kern (P. Geo) of Reno, Nevada, is the qualified person as required under NI 43-101 and has reviewed the technical information contained in this press release. The Company has in place a rigorous QA/QC program consistent with National Instrument 43-101 and using best industry practice. ALS Chemex Labs of Reno, Nevada is responsible for the Company's assaying.
About Klondex Mines. Klondex Mines was founded in 1974 and is a mineral exploration company listed on the TSX Venture Exchange. The Company's property portfolio includes five gold exploration projects, all in Nevada. A description of these projects, including maps and photographs, can be viewed on the Company website at www.klondexmines.com. The Company is dedicated to the principles of environmentally sound mining practices and believes that environmental stewardship and mining can co-exist.
ON BEHALF OF KLONDEX MINES LTD.
(sgd) "William Solloway"
President and Chief Executive Officer
For further information please contact:
William Solloway - (917) 306-3679
Robert Eadie - (604) 602-4935
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This release is not for distribution to US newswire services or for dissemination in the United States. |
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