Press release from Newsfile Corp
Kivalliq Energy Announces a Non-brokered Private Placement - Video Posted on InvestmentPitch.com
Friday, April 05, 2013
Kivalliq Energy Announces a Non-brokered Private Placement - Video Posted on InvestmentPitch.com18:18 EDT Friday, April 05, 2013
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2013) - Kivalliq Energy (TSXV: KIV) announces a non-brokered private placement, intending to raise gross proceeds of $4.5 million, through the issuance of 15 million units at a price of $0.30 per unit. Each unit consists of one common share and one whole warrant, which will allow the holder to acquire an additional common share at a price of $0.50 for 2 years.
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Kivalliq Energy, a Vancouver-based uranium exploration company, was the first company in Canada to sign a comprehensive agreement with the Inuit of Nunavut to explore for uranium on Inuit owned lands
It is currently advancing Canada's highest grade uranium deposit outside of Saskatchewan's Athabasca Basin. The company's flagship project, the 340,000 acre Angilak Property in Nunavut Territory, hosts the Lac 50 Trend.
Since acquiring the property in 2008 the company has invested approximately $50 million conducting systematic exploration, including: ground and airborne geophysics, geological mapping; prospecting, and over 87,500 metres of diamond and reverse circulation drilling. The company has filed a NI 43-101 technical report, which shows an Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8.
Kivalliq intends to use the net proceeds of the offering to fully fund the first phase of its 2013 exploration program and for general working capital purposes. The budget for phase one has been adjusted to $4 million from $8 million and includes high priority drilling and geophysical activities in key areas that must be completed before break-up sometime in June.
Since 2010 the company has discovered 10 new uranium zones within the Lac 50 Trend. Pending results and market conditions, Kivalliq will continue the second phase of the proposed 2013 Exploration Program at Angilak, with additional core drilling and geophysical, geological, geochemical and engineering surveys in the field.
Kivalliq Energy currently trades at $0.30, and with 174 million shares outstanding, the company is capitalized at $52 million.
Kivalliq is a member of the Aurora Mineral Resource Group of companies. For more information on these companies please visit www.auroraresource.com.
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Barry Morgan, CFO