Kombat Copper Inc Launches $3 Million Financing
Kombat Copper Inc announced that it has launched a private placement financing (the Offering) of up to 30,000,000 units (each, a Unit), each Unit being comprised of one common share (a Common Share) and one common share purchase warrant (a Warrant) at a purchase price of $0.10 per Unit for gross proceeds up to $3,000,000. Each Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.20 per common share at any time before the date that is three years from the date of issue, subject to an acceleration provision whereby if at any time after four months and one day from the closing of the Offering, the Common Shares trade at $0.30 per share or higher on the TSX Venture Exchange (on a volume weighted adjusted basis) for a period of 30 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 and prospecting licenses in the Otavi Mountainlands, Namibia and for general corporate purposes.
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