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mber Resources Inc. (NYSE AMEX:KBX, TSX:KBR)
("Kimber" or the "Company")
is pleased to announce that it has today closed the overnight marketed
financing announced December 6, 2010 (the "Offering").
The Company has issued 9,085,000 units (the "Units") at a
price of $1.40 per Unit for gross proceeds of $12,719,000. Each Unit consists of one common
share of the Company and one-half of one common share purchase warrant.
Each whole warrant (a "Warrant") will entitle the holder to
purchase one common share of the Company for a period of two years following
the closing of the Offering at a price of $1.80.
The Offering was led by Canaccord Genuity Corp. and PI
Financial Corp. (the "Underwriters"). The Underwriters
received a cash commission of 6.5% of the gross proceeds raised through the
Offering, except with respect to the sale of 715,000 Units to certain
purchasers introduced by the corporation (the "President's List")
in which a cash commission of 4% was paid to the Underwriters. The
Underwriters also received warrants ("Underwriter Warrants")
equal to 6.5% of the Units issued through the Offering, excluding Units
deemed as part of the President's List. Each Underwriter Warrant
shall be exercisable to acquire one common share of the Company at an exercise
price of $1.40 for a period of 24 months from
closing.
The Company intends to use the net
proceeds of the Offering for exploration and development of the Monterde property, including further drilling and the
completion of a Pre-feasibility study, and for working capital.
The Units, common shares and Warrants
offered have not been registered under the U.S. Securities Act of 1933, as
amended, (the "U.S. Securities Act"), or any applicable
state securities laws of the United States and
may not be offered or sold in the United States
or to, or for the account or benefit of "U.S. persons" (as defined
in Regulation S of the U.S. Securities Act) absent such registration or an
applicable exemption from such registration requirements. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
A copy of the short form prospectus in
respect of the Offering may be obtained by visiting SEDAR at www.sedar.com.
About Kimber
Kimber owns mineral concessions covering in
excess of 39,000 hectares in the prospective Sierra
Madre gold-silver belt, including the Monterde
property, where three gold-silver mineral resources have already been
defined. The most advanced of these, the Carmen deposit, has been extensively
drilled and has undergone detailed geologic modeling. The recent completion
of the Preliminary Assessment for Monterde
represents a significant step forward for Kimber
and is expected to lead to further development and more advanced economic
studies of the Monterde deposits.
Forward looking statements
Statements in this release may be viewed
as forward-looking statements under United States
and Canadian securities laws, including statements regarding the anticipated
pricing and closing of the Offering, estimates of mineral resources at Monterde, the Preliminary Assessment of the Monterde project, the further development, expected
results and future economic assessments of the Monterde
project. When used in this press release, the words "expect",
"expected", "lead", "intend",
"hopes", "believe", "may", "will",
"if", "anticipates" and similar expressions are intended
to identify forward-looking statements. Such statements involve risks and
uncertainties that could cause actual results to differ materially from those
projected. Such risks and uncertainties include, among others, mineral
reserve and resource estimates, risks relating to fluctuations in the price
of gold, the inherently hazardous nature of mining-related activities,
potential effects on Kimber's operations of
environmental regulations in the countries in which it operates, risks due to
legal proceedings, risks relating to political and economic instability in
certain countries in which it operates, and risks related to the use of
inferred mineral resources in the Preliminary Assessment, as well as those
risk factors discussed under the headings "Cautionary Note Regarding
Forward-Looking Statements" and "Risk Factors" in Kimber's latest Annual Report on Form 20-F as filed on
SEDAR and EDGAR. There are no assurances the Company can fulfil such forward-looking statements and the Company
undertakes no obligation to update such statements, except as required by
law. Such forward-looking statements are only predictions; actual events or
results may differ materially as a result of risks facing the Company, some
of which are beyond the Company's control.
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission
permits U.S. mining companies, in their filings with the SEC, to disclose
only those mineral deposits that a company can economically and legally
extract or produce. Kimber uses certain terms
on its website (and certain press releases), such as "measured,"
"indicated," and "inferred," "resources," which
the SEC guidelines strictly prohibit U.S. companies from including in their
filings with the SEC. U.S. Investors are urged to consider closely the
disclosure under the heading "Cautionary Note to U.S. Investors
Regarding Mineral Reserve and Resource Estimates" in our latest annual
report on Form 20-F which may be secured from us, or from the SEC's website
at http://www.sec.gov/edgar.shtml.
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