Kingman Closes Oversubscribed Financing, Announces Additional Raise

Core Viewpoint - Kingman Minerals Ltd. has successfully closed the second tranche of its oversubscribed non-brokered equity financing, raising a total of $113,400 through the issuance of 1,620,000 Units at a price of $0.07 per Unit [1][2]. Financing Details - The first tranche of the Offering raised gross proceeds of $612,953 through the issuance of 8,756,471 Units, along with 163,200 finder's warrants and $11,424 in finder's fees [2]. - Insider participation in the first tranche included directors and officers subscribing for 2,516,826 Units, generating gross proceeds of $176,177.82, while no insiders participated in the second tranche [3]. Future Financing Plans - The Company plans to undertake a follow-on non-brokered private placement of up to $500,000, maintaining the same terms as the previous Offering due to continued investor interest [4]. Use of Proceeds - Net proceeds from the Offering will be allocated to advance the Mohave Project in Mohave County, Arizona, focusing on permitting, drill targeting, and integrated technical work [5]. Technical Progress - Kingman has completed two rounds of underground sampling and two phases of core drilling, confirming significant gold and silver grades from historical accounts [6]. - Deeper drilling has indicated the potential for a broader mineralized system at depth, with multiple vein structures remaining open and untested [6]. - The Company is preparing a National Instrument 43-101 Technical Report to consolidate historical data with recent exploration results, with ongoing geological interpretations [7]. Finder's Compensation - In connection with the closing tranche, Kingman will pay a cash finder's fee of $6,804 and issue 97,200 non-transferable finder's warrants, each allowing the holder to acquire one common share at an exercise price of $0.09 until September 9, 2027 [8]. Unit Terms - Each Unit issued in the Offering consists of one common share and one common share purchase warrant, with warrants allowing the purchase of an additional common share at $0.09 for 24 months from issuance [9].