Kiboko Gold is one of the latest new listings on the TSX Venture Exchange, trading under the symbol “KIB”, following its fully over-allotted initial public offering. The company raised gross proceeds of approximately $6,038,000 from the sale of 8,000,000 units priced at $0.25, 5,520,000 flow-through units priced at $0.29, and 5,540,000 Quebec charity flow-thought units priced at $0.44, with all units consisting of one share and one warrant.
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Kiboko Gold Inc. (TSXV:KIB) is one of the latest new listings on the TSX Venture Exchange, trading under the symbol “KIB”, following its fully over-allotted initial public offering.
The company raised gross proceeds of approximately $6,038,000 from the sale of 8,000,000 units priced at $0.25, 5,520,000 flow-through units priced at $0.29, and 5,540,000 Quebec charity flow-thought units priced at $0.44, with all units consisting of one share and one warrant.
The shares are trading at $0.25.
Haywood Securities Inc. was the sole agent for the offering.
Kiboko has an option agreement with Tres-Or Resources Ltd. to earn a 100% interest in the 234 mineral claims that make up the Harricana Project.
Tres-Or owns a 100% interest in 230 of the claims and 65% of the remaining 4 claims, with an option agreement to acquire the remaining 35% interest.
Kiboko has paid $800,000 in cash and issued 6 million shares valued at $1,500,000 and returned 2,000,001 shares and 1,000,001 warrants of Tres-Or to Tres-Or for cancellation.
The Harricana Project, located 55 km north of Val-d’Or, 85 km east of Rouyn-Noranda, and 15 km northeast of Amos, covers 102 square kilometres of prospective Abitibi greenstone belt terrain.
The Abitibi belt is a premier jurisdiction recognized for mining investment based upon its mineral potential, favourable geopolitical environment, historical and current mining, and ongoing exploration success.
The Harricana Project benefits from an exceptional location, close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail, and clean, low-cost, renewable hydroelectric grid power.
The Project is also predominately located on Crown forestry land that has an extensive road network and provides for a streamlined drill program permitting process.
The company has compiled, digitized, and validated a new geospatial dataset for the Project from historical records that includes geological mapping, geophysics, geochemistry, numerous bulk samples, and assay data from 937 diamond drillholes totalling 139,397 metres.
Gold mineralization across the Harricana Project is principally observed as being coarse and is associated with quartz veins and in the surrounding wall rock but has yet to be evaluated using modern coarse gold techniques.
Due to the proximity of gold mineralization to surface, the exploration model has been used to provide targets for future exploration within 300 m from the topographical surface for the Fontana, Duvay, and Monpas areas of the Project, each considered an “Exploration Target”.
The total Harricana Project Exploration Target is 20.0 million to 33.1 million tonnes at a range of grades of 2.7 to 3.6 grams per tonne gold.
A summary of the three areas that make up the Harricana Project Exploration Targets is shown here.
Jeremy Link, President and CEO, stated: “On behalf of Kiboko, I sincerely thank our existing investors, new shareholders, consultants, Haywood, and other partners for their support throughout our IPO process. Kiboko’s next step is to execute its Phase 1 exploration program, which includes 12,450 metres of planned exploration drilling over 82 holes at our Harricana gold project, located in the heart of the Québec-side of the Abitibi gold belt. We expect drilling to begin mid-August and anticipate reporting a maiden mineral resource in the first quarter of 2023.”
For more information, please visit the company’s website www.KibokoGold.com, contact Jeremy Link, President and CEO, at 778-381-5949 ext 1 or email JLink@KibokoGold.com, or Brad Boland, Executive VP, at 778-381-5949 ext 2 or email BBoland@KibokoGold.com.
