The funds were raised via the issuance of 15.25 million charity flow-through units priced at 28 cents each, and 2.43 million flow-through units priced at 24 cents per unit.
The company said proceeds from the offering will be used before 2024 for general exploration expenditures that will qualify as flow-through mining expenses within the meaning of the Canadian Tax Act.
Each offered unit consists of one common share and one half of one common share purchase warrant. Each warrant is exercisable for one common share at an exercise price of 35 cents per share for up to 24 months after the closing date.
“We are very pleased with the results of this over-subscribed non-brokered financing,’’ said Kingfisher CEO Dustin Perry. “Kingfisher is well positioned financially and operationally as we embark on our 2022 discovery-focused drilling program at our 100-per-cent owned Goldrange project in southwest British Columbia,’’ he said.
Kingfisher controls 100% of three district-scale projects in British Columbia, covering 911 square kilometres.
The Goldrange and Thibert (near Cassiar) projects are prospective for high-grade orogenic gold, which Ecstall (southeast of Prince Rupert) is prospective for high-grade polymetallic copper-gold-silver-zinc mineralization.
Kingfisher recently announced the start of rotary blast drilling at the 511 square kilometre Goldrange Project.
Goldrange is located approximately 25 kilometres south of Tatla Lake in B.C.’s Chilcotin region.
“We are very excited to be back at Goldrange for an expanded 2022 discovery-focused drill program,’’ said Perry in a recent press release. “RAB drilling will test high quality, shallow targets at the Day Trip, Langara and Standard Zones, which have been substantially de-risked through structural mapping, IP geophysics and backpack drilling,’’ he said.
“The RAB drill provides us with a low-cost drill option for near surface targets as an initial pass prior to diamond drilling,’’ he said.
Goldrange spans over 43 kilometres along a complex structural zone within the Yalakom Gold Belt. It was acquired to cover a broad area of widespread anomalous gold mineralization in streams, soils and rocks.
In 2021, Kingfisher completed the first-ever diamond drill program on the property, which focused on approximately 10% of the Cloud Drifter Trends, the most advanced target on the property that includes the Cloud Drifter, Langara, Standard, Essential and Waterfall Zones.
Drilling highlights include 73.4 g/t gold over 1.0 metre, 6.9 g/t gold over 9.0 metres, and 18.7 g/t gold over 2.0 metres. The company said widespread anomalous gold mineralization was intercepted throughout the area of drilling, which spanned 600 metres by 350 metres and tested over 550 metres of vertical extent.
On Wednesday, Kingfisher shares eased 8.3% or $0.02 to 22 cents and now trade in a 52-week range of 65 cents and 14.5 cents.