Energy corp shares Angilak work plans
Company recently finished raising second slice of $2.7 million round of fundraising
Karen K. Ho
Northern News Services
Monday, May 11, 2015
VANCOUVER
Vancouver-based uranium exploration company Kivalliq Energy Corporation (TSX-V:KIV)has announced its plans for summer exploration at its Angilak property after successfully raising $2.7 million in a non-brokered private placement.
An energy corporation news release stated $1.5 million in work this year at Angilak will focus on drill testing its high priority target area named Dipole and advancing multiple uranium targets through geochemical surveying. Next month, the company will mobilize staff and supplies to their existing Nutaaq camp.
The company said it plans to drill a minimum of 1,000 metres in six to eight holes at this target area in July, using one of three diamond drill rigs already on site. Geochemical surveying will also happen at the same time.
Energy corporation president Jeff Ward said the company's primary goal in 2015 was discovering a high-grade uranium deposit.
"Discovering a second significant mineralized trend in the southwest portion of Angilak would confirm our belief that this large property hosts an important uranium district in Nunavut," he stated in the news release.
Details of the work came soon after the company announced it had successfully raised gross proceeds of $1.26 million after it issued an additional 10.5 million non-flow-through units at a price of 12 cents each.
Flow-through shares are a method of financing by Canadian junior mining firms whereby exploration expenses are passed onto individual investors, who can then apply them to their own personal incomes and reduce their own taxes.
Each NFT Unit consists of regular common share and one-half of one non-transferable, non-flow-through common share purchase warrant. Prior to this, the company had raised $1.52 million in its initial sale of 10.1 million units, priced at 15 cents each.
Calls to the company for additional comment were not immediately returned.
At press time on May 7, shares of Kivalliq closed at 13.5 cents, unchanged from the prior day's closing price. On May 8, 2014, the stock closed at 20.5 cents per share.
