Kivalliq
Closes CDN$5.0 Million Private Placement
Kivalliq Energy Corporation (TSX-V: KIV) ("Kivalliq"
or the "Company") today announced that it has closed the CDN$5.0
million non brokered private placement with Lumina Capital Limited
Partnership ("Lumina Capital") and other strategic investors
previously announced on December 3, 2010.
The financing consisted
of 7.1 million common shares, at a price of $0.70 per share.
Commissions of $120,000 were payable on portions of the
Placement. All securities issued as part of the Placement will be
subject to a four month resale restriction ending on April 18, 2011.
The proceeds from this
financing will be used to explore and develop Kivalliq�s
high-grade Lac Cinquante uranium deposit, located
within the Angilak Property within Nunavut, Canada,
and for general working capital purposes.
About Kivalliq Energy Corporation
Kivalliq Energy Corporation is a uranium
exploration and development company, and the first company in Canada to sign
a comprehensive agreement with the Inuit of Nunavut to explore for uranium on
Inuit Owned Lands in Nunavut.
The Lac Cinquante Deposit is Canada�s highest grade uranium
deposit outside of the Athabasca Basin. Kivalliq�s
core asset, the 225,000 acre Angilak Property hosts
the historic Lac Cinquante uranium deposit, and
over 150 other uranium occurrences. Since acquiring the project in 2008 the
Company has invested approximately $11.9 million on the property conducting
systematic exploration which has included ground and airborne geophysics,
geological mapping, prospecting and 18,350 meters of drilling.
On behalf of the Board of
Directors
�Jim Paterson�
Jim Paterson, CEO
Kivalliq Energy Corporation
For further information
about, Kivalliq Energy Corporation or this news
release, please visit our website at www.kivalliqenergy.com (m.kivalliqenergy.com) or contact Investor Relations toll free at
1.888.331.2269, at 604.646.4527, or by email at info@kivalliqenergy.com.
Kivalliq Energy Corporation is a member of
the Discovery Group of companies, for more information on the group visit www.discoveryexp.com (m.discoveryexp.com).
Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
|