Kingfisher Metals Corp Completes First Tranche of Private Placement

KINGFISHER, May 13, 2024 – Kingfisher Metals Corp. announced the closing of the first tranche of its previously stated private placement. The company issued 4,521,214 units at $0.175 each and 511,111 flow-through units priced at $0.225, accumulating a total of C$906,212.43. This first tranche closure precedes an additional tranche expected to close in May 2024, targeting a further C$1,093,787.57.

Proceeds from the sale of the flow-through units are intended for exploration expenditures in British Columbia, qualifying as Canadian and BC flow-through mining expenditures. The company plans to renounce these expenditures by December 31, 2024. Furthermore, the company paid a finder’s fee of $1,050 to Red Cloud Securities Inc. in connection with this placement.

The offering also involved significant insider participation, including purchases from CEO Dustin Perry and other key insiders, collectively amounting to considerable sums and qualifying the transaction as a "related party transaction" under Multilateral Instrument 61-101. This requires no formal valuation or minority shareholder approval as the transaction value does not exceed 25% of the company's market capitalization.