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KWG completes C$1.8M private placement

said April 29that it has received and accepted subscriptions of C$390,000 to close theprivate placement ofunits for a total of C$1.8 million in proceeds, including C$600,000 insettlement of amounts to directors, officers, employees and consultants.

Each unitwill comprise 1 new treasury share and 1 warrant, with each warrant allowingthe holder to acquire a further treasury share for 5 cents each exercisablewithin five years from closing.

Proceeds from the private placement will beused to pay the initial costs of the feasibility study to be undertaken byChina Railway First Survey & Design Institute Group Co., Ltd. and forworking capital.

The company also said that it will issue141,250 common shares to RBL Communications Inc. for the last payment under theshares for services contract announced in January. KWG will also issue1,808,000 shares to Agora Internet Relations Corp. for its services in theproduction of a documentary to chronicle the history of the Ring of Fire.