July 18, 2011 Klondike Silver Corp: Corporate Update
VANCOUVER, BC - Klondike Silver Corp. (the "Company") (TSX-V: KS) The Company wishes to announce the resignation of Lynn Evoy from the board of Directors. The Company thanks Mr. Evoy for his valuable service and wishes him the best going forward.
Steven Chan has been appointed to the board to fill the vacancy left by Mr. Evoy. Mr. Chan was formerly vice-president of Cambridge House International Inc. He was instrumental in building Cambridge House into Canada's leading investment conference company, serving the mining and natural resource industry. At Cambridge House, he worked with many aspects of the mining industry, including public companies, brokerage firms, fund managers, letter writers, analysts and retail investors. Currently, he consults with public companies in the areas of financing and public relations. Mr. Chan has been an active director of Expedition Mining Inc. since 2003 and is also a director of Kermode Resources Ltd. Mr. Chan also owns and operates a private company.
The company also announces the resignation of Diana Mark as Corporate Secretary and the appointment of John-Mark Campbell as Corporate Secretary.
The company also announces that it has closed a private placement with proceeds of $408,000. The placement consisted of 1,200,000 units priced at $0.34. Each unit consists of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share for a period of five years at a price of $0.40 for a period of five years. Any shares issued pursuant to the private placement will be subject to a four month hold period.
The proceeds of the private placement will be used for exploration expenditures on the Company's British Columbia, Yukon, and Ontario mineral properties as well as for general working capital.
The Company also announces that it is repricing and extending the terms of certain warrants pending exchange and warrant holder approval. The details of repricing and extension are as follows:
# of warrants
new exercise price
new exp date
Additionally the terms of the warrants are to be amended to include an exchange mandated shot gun clause. This clause will force the expiry of the warrants in 30 days if the Company's shares trade at or above $0.51 for ten consecutive days.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy or contents of this news release.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
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