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King's Bay Resources Corp plans to raise $250,000 via private placing

The firm will issue 2.5mln units at 10 cents each, with each unit consisting of one common share and one warrant.
King's Bay Resources Corp plans to raise $250,000 via private placing
The firm will issue 2.5mln units at 10 cents each, with each unit consisting of one common share and one purchase warrant

Cobalt and high tech metals focused King's Bay Resources Corp (CVE:KBG) said it had arranged a placing to raise $250,000.

The firm will issue 2.5mln units at 10 cents each, with each unit consisting of one common share and one purchase warrant.

Each warrant will entitle the bearer to buy one further company share at 15 cents each for 24 months from closing.

King's Bay Resources said it plans  to use the proceeds as follows: $175,000 for the coming drilling program; $25,000 for legal, accounting and regulatory fees, and $50,000 for unallocated working capital.

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