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KOOTENAY RESOURCES ANNOUNCES CLOSING OF PRIVATE PLACEMENT

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/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

VANCOUVER, BC, April 26, 2024 /CNW/ - Kootenay Resources Inc. ("Kootenay" or the "Company") announces that it has closed its previously announced non-brokered private placement offering (the "Offering") for aggregate gross proceeds of $473,094.95. The Company continues to work towards meeting the listing requirements of the TSX Venture Exchange (the "Exchange") pursuant to the Exchange's conditional approval and will provide an update on the completion of the listing process as soon as possible.

Kootenay Resources Inc. Logo (CNW Group/Kootenay Resources Inc.)
Kootenay Resources Inc. Logo (CNW Group/Kootenay Resources Inc.)

The Offering consisted of:

  • 2,825,000 non-flow-through units (the "NFT Units") at a price of $0.10 per NFT Unit for aggregate gross proceeds of $282,500. Each NFT Unit is comprised of one non-flow-through common share (a "Common Share") of the Company and one-half of one Common Share purchase warrant (a "Warrant"); and

  • 1,270,633 flow-through units (the "FT Units") at a price of $0.15 per FT Unit for aggregate gross proceeds of $190,594.95. Each FT Unit is comprised of one "flow-through" common share (as defined under the Income Tax Act (Canada)) and one-half of one Warrant.

Each whole Warrant is exercisable to acquire one Common Share (a "Warrant Share") at a price of $0.15 per Warrant Share for a period of 24 months and will expire on April 26, 2026.

The net proceeds from the Offering will be used for the development of the Company's Moyie Anticline Project, early-stage Nechako portfolio of gold-silver exploration projects and other resource properties (eligible for "Canadian exploration expenses, which are flow-through mining expenditures) and general working capital requirements. Please visit www.kootenayresources.com to learn more about these projects.

All securities issued in connection with the Offering are subject to a Canadian securities law resale restriction period expiring on August 27, 2024. The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.