Kaminak Closes Flow-Through Private Placement


Kaminak Gold Corp. has closed the flow-through private placement offering of one million flow-through units (FT units) at a price of 50 cents per unit, for total gross proceeds of $500,000.

Each FT unit sold consists of one flow-through share and one non-flow-through common share purchase warrant expiring July 9, 2011. Each whole common share purchase warrant will be exercisable into one common share at a price of 55 cents per share until July 9, 2010, and 70 cents per share until July 9, 2011. All securities issued in the private placement will be subject to a hold period until Nov. 10, 2009.

The warrants are subject to an acceleration clause, whereby, if the weighted-average trading price of the corporation’s shares on the exchange is at a price greater than 10 cents above the strike price of a whole common share purchase warrant for a period of 10 consecutive trading days, the corporation will have the right to accelerate the expiry date of the warrants. The corporation will give written notice to the holders of the warrants that the warrants will expire within 30 days of the date notice provided by the corporation to the warrant holders. Such notice by the corporation to the holders of the warrants may not be given until after Nov. 10, 2009.

Proceeds for the offering will be used to finance 2009 exploration programs on Kaminak’s Yukon gold and Thunder Bay platinum-palladium properties.

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