Kola Mining Closes $10,000,000 Non-Brokered Private Placement
17 7월 2008 - 3:22AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (OTCBB: KMNFF)(FRANKFURT: C8M) ("The
Company") is pleased to announce that it has closed the private
placement announced in its June 27, 2008 news release. A total of
33,333,334 units have been issued at $0.30 per unit raising gross
proceeds of $10,000,000. Each unit consists of a share and one half
of a warrant, each full warrant is exercisable to purchase a share
for $0.45 on or before July 15, 2010. The proceeds will be used for
the development of the Company's Souker Nickel Project in Russia
and for working capital. The financing was organized by a private
group based in Moscow, Russia. A finder's fee of $250,000 in cash
and 833,334 shares has been paid in respect of the placement. All
securities issued are subject to a hold period expiring on November
16, 2008.
The Company's Chairman, Cary Pinkowski, says: "We remain very
excited of the potential of Russia and look forward to working with
this very strong partnership."
To find out more about Kola Mining Corp., please visit the
company website at www.kolamining.com.
On behalf of the Board of Directors of KOLA MINING CORP.
Cary Pinkowski, Chairman of the Board of Directors
The TSX Venture Exchange does not accept responsibility for the
adequacy or the accuracy of this release.
Contacts: Kola Mining Corp. Andrew Fedak (604) 694-1600 Website:
www.kolamining.com
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