ENP Newswire - 26 February 2014
Release date- 22022014 - Toronto, Canada - Kombat Copper Inc. (TSX-V: KBT) has completed its private placement financing of 2,700,000 units at a purchase price of $0.10 per Unit for gross proceeds of $270,000.
Each Unit is comprised of one common share (a 'Share') and one warrant (a 'Warrant'). Each Warrant will entitle the holder thereof to purchase one additional Share (a 'Warrant Share') at a price of $0.20 per Warrant Share for a period of three years from the date of closing of the Offering.
The Warrants if at any time after four months and one day from the closing date, the Shares trade at $0.30 per share or higher on the Exchange (on a volume weighted adjusted basis) for a period of 30 consecutive days, the Company will have the right to accelerate the expiry date of the Warrants to the date that is 30 days after the Company issues a news release announcing that it has elected to exercise this acceleration right.
The proceeds from the Offering will be used to fund site exploration on the Company's mining licenses in the Otavi Mountain lands, Namibia and for general corporate purposes. All securities issued will be subject to a hold period of four months and one day. The Company has not agreed to pay finders' fees on this Offering.
Also, the Company is pleased to welcome Mr. James Xiang to its Board of Directors. Mr. Xiang is the CEO of Jien International Investment Ltd. and a director of the general partner of the F&M & JJ Global Resource Fund, the Company's largest shareholder. In addition, Mr. Xiang serves as director for several Toronto- and US-listed companies.
Prior to his engagement with Jien International Investment Ltd., Mr. Xiang was the President of China Mineral Resources Limited, a company that provides investment and financial advisory services to Chinese companies that are seeking listing, financing and M&A opportunities in North America. Mr. Xiang holds a Bachelor of Arts from Huazhong University of Science & Technology in China and a Masters of Business Administration from York University. Mr. Xiang is a Certified Management Accountant (Ontario) and a Certified Public Accountant (Delaware).
About Kombat Copper Inc.
Kombat Copper (TSX-V: KBT) is a publicly traded Canadian exploration and development company with its core operations focused on copper resources in Namibia, one of the world's most prospective copper regions, where it has substantial assets in place with significant exploration upside. The Company holds an 80% interest in five mining licenses in the Otavi Mountain lands, an area of Namibia particularly known for its high-grade copper deposits. Within these licenses are three past-producing mines including the Company's flagship property: the past-producing Kombat Mine.
The Kombat mine's extensive infrastructure includes an 800m production shaft which was completed in 2006, three recently-operational shafts, ramp systems, extensive underground workings, mine buildings, a tailings facility, a mill and concentrator all supported by the Company's local town site. The Kombat mine originally opened in 1962 and historically produced 8.7 million tonnes of ore grading 3.1% copper and is linked to vital existing infrastructure, including power, water, roads, and rail with close proximity to the port of Walvis Bay and to one of only five commercial-grade smelters in Africa located in Tsumeb, located 100 road kilometers away from Kombat.
In addition to mining licenses, the Company holds an 80% interest in five Exclusive Prospecting Licenses ('EPL's') covering an area of more than 1550 km2. The EPL's are also located within the copper-rich Otavi Mountain lands and are in close proximity to the town of Tsumeb.
Kombat Copper Inc.
President and CEO
Tel: +1 (416) 861-1685
This news release may contain forward-looking statements. These statements include statements regarding the proposed use of proceeds and the Company's expectations regarding the appointment. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.
Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.