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K92 Mining looking to raise up to C$16M to advance mineral properties

K92 Mining Inc. entered into an agreement with Clarus Securities Inc. to act as lead agent on behalf of a syndicate of agents to raise up to C$16 million through a marketed offering.

The company will issue up to 20 million units, priced at 80 cents apiece, according to a June 6 release.

Each unit comprises 1 common share and a share purchase warrant, with each whole warrant exercisable to acquire an additional share at C$1.05 apiece for 12 months following closing.

Proceeds will be used for the exploration and development of the company's mineral properties and for general corporate purposes. K92 is focused on advancing its Kainantu gold mine in Papua New Guinea.

The financing is expected to close by June 21.