A busy second half of 2009 is ahead for Canadian Venture listed Kent Exploration Inc. (TSX.V: KEX). The company announced a non-brokered private placement for 2,450,000 Units at $0.10 per unit for gross proceeds of $245,000. Each Unit will consist of one common share and one transferable common share purchase warrant. Each warrant will be exercisable for a period of two years and entitle the holder to purchase one additional common share in the capital stock of the Company at a price of $0.15 per common share
This is not exactly the ideal time to launch a private placement given the continued market uncertainties. Kent’s success in securing finances therefore ushers in further confidence in the company and its projects. The gross proceeds from this private placement will be used for general corporate purposes, completion of an independent NI-43-101-compliant report on, and continuing exploration on, the Gnaweeda Gold Project.
Chalice Gold's Gnaweeda Project comprises over 190 square km of tenements covering an extensive part of the Gnaweeda greenstone belt, 30 kilometres east of Meekatharra, Western Australia and approximately 640 kilometres from Perth. Kent has jointly executed with Teck Australia Pty, Ltd, (Teck) a proposal to enter into an Option Agreement whereby Kent can earn 100% of Teck's 70% interest in Chalice Gold's Gnaeeda Gold Project. (Under a joint venture agreement Teck Australia Limited can earn a 70% interest in the project from Chalice by spending $1,500,000 over three years.) To earn its interest in Gnaweeda, Kent is committed to spend AUD$3 million over 4 years with AUD$200,000 in exploration expenditures to be spent prior to December 31, 2009.
About Kent Exploration Inc.
Kent Exploration Inc. is engaged in the exploration and development of gold, silver and base metal projects in Australia, New Zealand, Canada and the US. The corporate strategy is to undertake projects in safe jurisdictions through option agreements and joint ventures. Kent has exposure to a diverse range of metals (predominantly gold and silver) including a Midas-style gold/silver target in Nevada's Carlin Trend. In addition to Teck, Kent has several other prospects and option agreements with reputable mining companies.
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