Kent
Increases private placement Announces New Private Placement
Kent
Exploration Inc. (the "Company" or "Kent") reports that,
due to a substantial oversubscription, and subject to approval by the TSX
Venture Exchange ("TSX-V"), it has increased its previously
announced, up to 12,000,000 Unit non-brokered Private Placement to 13,800,000
Units.
Each
unit consists of one (1) common share and one (1) non-transferable common share
purchase warrant. Each warrant is exercisable for a period of two (2)
years from closing and will entitle the holder to purchase one additional
common share in the capital stock of the Company at a price of $0.10 per common
share for a period of twenty four months. Shares subscribed for in the
Private Placement are subject to a four (4) month plus one day hold period.
The
proceeds from the financing are to be used for the Flagstaff Barite Project,
Alexander River Gold Project and for general and corporate purposes.
Additionally,
the Company announces, subject to approval from the TSX Venture Exchange an up
to 5 million Unit private placement at 6.5 cents per Unit for gross proceeds of
$325,000.
Each
unit consists of one (1) common share and one (1) non-transferable common share
purchase warrant. Each warrant is exercisable for a period of two (2)
years from closing and will entitle the holder to purchase one additional
common share in the capital stock of the Company at a price of $0.10 per common
share for a period of twenty four months. Shares subscribed for in the
Private Placement are subject to a four (4) month plus one day hold
period. The warrants will be subject to accelerated expiry in the event
the company's shares trade at 15 cents per share for a period of 10 consecutive
trading days after expiry of the four-month hold period.
The proceeds from the
financing are to be used for the Flagstaff Barite Project, Alexander River Gold
Project and for general and corporate purposes.
This News Release has been prepared on behalf of the
Kent Exploration Inc. Board of Directors, which accepts full responsibility for
its contents.
ON BEHALF OF THE BOARD
"Graeme O'Neill"
Graeme O'Neill, President