THUNDER BAY, ON, Nov. 7, 2012 /CNW/ - Kesselrun Resources Ltd.
(TSXV: KES) ("Kesselrun") is pleased to announce that it has closed
the brokered private placement financing (the "Offering")
previously announced Oct. 3,
2012. Kesselrun issued 2,010,000 Units (the "Units")
at a price of C$0.50 per Unit for
gross proceeds of $1,005,000.00.
Each Unit is comprised of one common share (a "Share") and
one-half of one Share purchase warrant. Each whole warrant is
exercisable into an additional Share at a price of $0.75 per Share for a period of two years
expiring Nov. 06, 2014.
The company paid a cash commission of 8%, a corporate finance
fee of $15,000 and issued 269,600
agents' warrants in connection with the Offering. Each
agent's warrant entitles the holder to acquire one Share at a price
of $0.50 for a period of two years
expiring Nov. 06, 2014.
All securities issued under the Offering are subject to a hold
period under securities law of four months and a day from the date
hereof, which will expire on March 7,
2013.
Proceeds from the private placement will be used to fund
continued exploration and commence the initial drilling program at
its Bluffpoint project in Ontario,
as well as for working capital purposes.
Bayfront Capital Partners Ltd. acted as the agent on the
Offering.
About Kesselrun Resources Ltd.
Kesselrun Resources is a newly formed Thunder Bay, Ontario-based mineral exploration
company focused on growth through property acquisitions and
discoveries. Kesselrun's management team possesses strong
geological and exploration expertise with particular experience in
Northwest Ontario. For more
information about Kesselrun Resources, please visit our website at
www.kesselrunresources.com.
Forward Looking Statements
This release includes certain statements that may be deemed to be
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address events or
developments that the Company expects to occur, including without
limitation, the private placement, are forward looking statements.
Forward looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
"expects", "plans", "could" or "should" occur. Although the Company
believes the expectations expressed in such forward looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in forward looking statements. Factors that
may cause the actual results to differ materially from those in
forward-looking statements include gold prices, results of
exploration and development activities, regulatory changes, defects
in title, availability of materials and equipment, timeliness of
government approvals, continued availability of capital and
financing and general economic, market or business conditions. The
Company cautions the foregoing list of important factors is not
exhaustive. Investors and others who base themselves on the
Company's forward-looking statements should carefully consider the
above factors as well as the uncertainties they represent and the
risk they entail. The Company believes that the expectations
reflected in those forward-looking statements are reasonable, but
no assurance can be given that these expectations will prove to be
correct. Please see the public filings of the Company at
www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
SOURCE Kesselrun Resources Ltd.