CALGARY, Alberta, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Kairos Capital Corporation (“Kairos” or the “Corporation”) is pleased to announce that it has, subject to TSX Venture Exchange Inc. (the "TSXV") final approval, closed the first tranche of its previously announced non-brokered private placement (the "Private Placement") of common shares of the Corporation (“Common Shares”), pursuant to which, Kairos issued 7,877,500 Common Shares for gross proceeds of CDN$3,151,000 (the "First Tranche").
In connection with the First Tranche, Kairos has paid finders a cash commission of 7% of the proceeds of the First Tranche that resulted from such parties efforts, subject to compliance with applicable securities laws. The finders have also been granted broker warrants to purchase 7% of the number of Common Shares sold under the First Tranche as a result of such parties efforts, which resulted in Kairos issuing an aggregate 540,050 broker warrants. Each broker warrant entitles the holder to purchase one Common Share at a price of CDN$0.40 for a period of one year from the closing of the First Tranche.
The net proceeds of the First Tranche and the Private Placement will be used by the Corporation for general working capital and to fund continued development and exploration activities on its Lithium properties in Chile.
Pursuant to applicable securities laws, all securities issued pursuant to the First Tranche will be subject to a hold period of four months plus one day following the date of issuance of such securities.
Completion of the First Tranche and the Private Placement is subject to certain conditions, including but not limited to, final approval of TSXV.
Kairos anticipates closing the second tranche of the Private Placement for the remaining Common Shares available under the Private Placement in the next two weeks.
About Kairos
Kairos holds a significant Lithium property portfolio which now consists of approximately 53600 hectares over 11 salars, all located entirely within Chile (the “Lithium Claims”). Preliminary sampling and assaying results from s hallow depth over the first 5 of the salars have been received and confirm management’s belief that the Lithium Claims are highly prospective for economic lithium brine accumulations.
Reader Advisory
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Not for distribution to U.S. news wire services or dissemination in the United States
Forward Looking Statements
This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. In particular, this news release contains forward-looking statements relating to, among other things: management of the Corporation's views regarding its existing properties and the Lithium Claims and the ability of the Corporation to explore its existing properties and the Lithium Claims and statements pertaining to the Private Placement, including the Corporation’s ability to obtain necessary approvals from the TSXV and the closing of the second tranche of the private placement.
Various material factors and assumptions are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Those material factors and assumptions are based on information currently available to the Corporation, including information obtained from third party industry analysts and other third party sources. In some instances, material assumptions and material factors are presented elsewhere in this news release in connection with the forward-looking statements. You are cautioned that the following list of material factors and assumptions is not exhaustive. Specific material factors and assumptions include, but are not limited to: the general stability of the economic and political environment in which the Corporation operates; the timely receipt of required regulatory approvals; the ability of the Corporation to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; and the success the Corporation will have in exploring its prospects and the results from such prospects. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
For further information contact
Steven Cochrane
President & CEO
Kairos Capital Corporation
#900, 903 – 8th Street SW
Calgary, Alberta T2P 0P7
(587) 393-5801 or via email: steve@lithiumchile.ca
or:
Robert Gillies, CFO
(403) 829-8639 or via e mail: robertlgillies@gmail.com