Kingsmen Resources arranges $3 million private placement financing

Kingsmen Resources Ltd. (TSXV: KNG) announced a non-brokered private placement financing to raise up to $3,003,750. The company will issue up to 2,225,000 units at $1.35 per unit.

Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant allows the holder to purchase an additional common share at $1.90 for two years from closing.

The company stated it will use net proceeds to advance its Las Coloradas Silver/Gold project in Mexico and for working capital. Finder's fees may be payable in connection with the financing.

All securities issued are subject to a four-month hold period and regulatory approvals, including acceptance by the TSX Venture Exchange. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption.

Kingsmen Resources is a mineral exploration company focused on its Las Coloradas silver/gold project and Almoloya gold/silver project in the Parral mining district of Mexico. The company also holds a 1% net smelter return on La Trini claims, which form part of the Los Ricos North project operated by GoGold Resources Inc.

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