Mar 12, 2010
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, BC -- March 12, 2010: Kiska Metals Corporation ("Kiska") announces that it has closed the final tranche of the non-brokered private placement of 9,092,500 units at $0.66 for gross proceeds of $6,001,050.00 announced on February 22, 2010. Kiska has issued 2,372,500 units for gross proceeds of $1,565,850.00 for the second and final tranche.
Each unit consisted of one common share and one half of one non-transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of $0.92 per share until March 11, 2011. The terms of the warrants provide that if, during the term of any unexercised warrant commencing on July 12, 2010, the closing price of the common shares of the Company on any exchange is greater than $1.40 for a period of 20 consecutive trading days the Company may, at its option and by notice in writing to each holder, require the holder of the warrant to exercise such warrant within 30 days, failing which the warrant will be deemed to have expired. The units issued under the offering are subject to a four-month hold period expiring on July 12, 2010.
A cash commission on the second tranche totaling $73,458.00 was payable in cash together with 111,300 agent's warrants, equal to 6% of the number of units placed. Each agent's warrant will entitle the holder to purchase one common share at a price of $0.92 per share until March 11, 2011.
The proceeds from the private placement financing will be used for exploration of the Company's Whistler Project in Alaska and for general corporate purposes.
On behalf of Kiska Metals Corporation
Jason Weber, P.Geo., President & CEO
CAUTIONARY STATEMENT: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". Other than statements of historical fact, all statements included in this release, including, without limitation, statements regarding future plans and objectives of Kiska Metals Corporation, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Kiska's expectations are the risks detailed herein and from time to time in the filings made by Kiska Metals Corporation with securities regulators. Those filings can be found on the Internet at http://www.sedar.com and http://www.sec.gov/edgar.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.