This placement at 3 cents per share plus one free attaching option for every two shares, will be used to bring forward gold exploration programs at Mt Remarkable in Western Australia and Tennant Creek in the Northern Territory.
The options have an exercise price of 6 cents and an expiry date of July 31, 2022
Shares are expected to be issued on July 27 and options are expected to be issued on or around the same time as the share purchase plan.
Junior Minerals Incentive scheme
In a further boost for King River, the company’s application to participate in the Junior Minerals Exploration Incentive scheme has been approved by the Australian Taxation Office (ATO).
King River has received an allocation of up $975,000 in tax credits which can be distributed to eligible shareholders.
Eligible investors must be Australian resident shareholders who apply for and are issued new shares in the company’s capital raising activities between July 1, 2020, and June 30, 2021.
JMEI credits will be distributed to all eligible investors on a pro-rata basis.
Eligible shareholders that participate in the security purchase plan (SPP) and placement investors will be entitled to participate in the JMEI tax credits for the 2020 -2021 tax year.