K92 MiningInc. said July 7 that it will raise up to C$5 million under anonbrokered private placement for general corporate expenses and to improveliquidity as the company is completing the underground incline drive from theIrumafimpa to Kora deposits at the Kainantu gold-silver-copper project in Papua New Guinea.
The company will issue no more than 5 million units at aprice of C$1 per unit.
Each unit consists of 1 common share and 0.5 of a sharepurchase warrant that will allow holders to acquire 1 company share at a priceof C$1.5 within 12 months from the issuance date.
The drive from Irumafimpa to Kora will test the undrilledareas between the two deposits for potential expansion and upgrade.
The company also plans to complete a scoping study on Koradeposit and is seeking a near-term operational at Irumafimpa, where the milland float plants are in the final phase of load commissioning.
The placement is expected to be completed within July.