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Kent Exploration Inc. (the
"Company") (TSX VENTURE:KEX - News) announces that, subject
to acceptance for filing of the final documentation by the TSX Venture
Exchange ("TSX-V"), it has closed the final tranche of its
previously announced, up to 9,000,000 Unit non-brokered Private Placement, of
2,580,000 Units for gross proceeds of $309,600. The 1st Tranche of 2,973,000
Units (the "Units") at $0.12 per Unit for gross proceeds of
$356,760 closed on November 22, 2010 and the 2nd tranche of 2,540,000 Units
for gross proceeds of $304,800 closed on December 13, 2010.
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 $0.18 per common share for the first year
and $0.22 per common share for the second year. Shares subscribed for in the
Private Placement are subject to a four (4) month plus one day hold period.
Finder Fees consisting of 250,000
compensation options (the "Compensation Options") and $30,000 in
cash was paid pursuant to the policies of the TSX-V. Each Compensation Option
will entitle the holder to purchase one Unit of the Company, which consists
of one (1) common share and one (1) non-transferable common share purchase
warrant, for a period of 12 months from the date of issuance at a price of
$0.12 per Unit.
Kent Exploration Inc is a junior
exploration company that has an Option Agreement to earn 100% of Teck Australia Pty Ltd.'s
interest in Chalice Gold Mines Limited's Gnaweeda
Gold Project in West Australia, subject to a 75% back-in right to Teck and has acquired the Alexander River, Paparoa and Lyell gold projects in the highly prolific Reefton gold field in New Zealand.
The Company has an option to earn a 100%
interest in the Silver Hills property, a silver/lead/zinc prospect in
south-eastern British Columbia, and has a 100% interest in the Courtney Lake
property, a silver/lead/zinc prospect in north-east Saskatchewan. The Company
has a 100% interest in Coal Prospecting Permits covering approximately 92,000
ha in east-central Saskatchewan, a 100% interest in a mining lease option on
the Flagstaff Mountain property, a gold/silver/zinc/barite prospect in
eastern Washington state, a 100% interest in the mining lease option on the
Ivanhoe Creek property, a Midas-style gold/silver target in Nevada's Carlin
Trend, and 50% of a 100% interest in the Ivanhoe Creek placer claims covering
a bentonite deposit.
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, President
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of
this news release.
Contact:
Graeme O'Neill
Kent Exploration Inc.
President
604-684-3394 or Toll Free: 1-866-399-6539
1-888-282-7763 (FAX)
www.kent-exploration.com |
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