Knight Resources Ltd.: $3.7 Million Private Placement Closes
VANCOUVER, BRITISH COLUMBIA--(Marketwire - November 23, 2007) -
Knight Resources Ltd. (TSX VENTURE: KNP)(FRANKFURT: KRL) announces
the closing of a non-brokered private placement totalling $3,700,000.
These funds were raised through the issue by the Company of 9,250,000
units at a price of $0.40 per unit. Each unit is comprised of one
flow-through common share and one common share purchase warrant. Each
share purchase warrant entitles the holder to acquire one non
flow-through common share of the Company, at a price of $0.55 per
share until November 19, 2008.
Commissions totaling $276,500 were paid to various brokerage firms
and arm's length companies (collectively, the "Agents") as
consideration for arranging a portion of the private placement. The
Company also issued non-transferable warrants to the Agents (the
"Agent's Warrants"), which entitle the Agents to purchase, in the
aggregate, up to 830,000 shares of the Company at a price of $0.55
per shares until November 19, 2008.
The shares issued pursuant to the private placement, and any shares
to be issued on exercise of the warrants or Agent's Warrants, are
subject to a hold period expiring March 20, 2008.
The funds raised by way of the private placement will be used for
exploration programs on the Company's West Raglan Project, located in
northern Quebec.
ON BEHALF OF THE BOARD OF KNIGHT RESOURCES LTD.
David Patterson, Chairman
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts:
Knight Resources Ltd.
David Patterson
Chairman
(604) 684-6535 or Toll Free: 1-877-KNIGHT5
(604) 602-9311 (FAX)
Email: knight@bed-rock.com
Website: www.knightresources.ca
