June 16, 2008
Kria Resources Raises $2 Million in Private Placement
Kria Resources today announced the completion of a non-brokered private placement for aggregate proceeds of $2.0 million. The placement involved the issuance of 2,000,000 units (the "Units") at a price of $1.00 per Unit.
Each Unit consisted of one common share (a "Unit Share") in the capital of the Company and one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share (a "Warrant Share") at a price of $1.25 for a period of two years following the issuance of the warrants.
The proceeds from the financing will be used for exploration and development of the Ruttan property in Manitoba and for general corporate purposes.
Aberdeen International was a strategic investor in the Offering. The Unit Shares and Warrants are subject to an indefinite statutory hold period.
About the Ruttan Project
The Ruttan Project, located 21 kilometres east of Leaf Rapids, Manitoba, is a copper-zinc sulphide orebody that was discovered in 1968. Production from the mine began in 1973 with continuous mine production for 29 years. Historical production from Ruttan has been reported to be approximately 55 million tonnes grading 1.23% copper and 1.41% zinc. Kria has the option to acquire 100% of Ruttan.
An initial National Instrument 43-101 compliant mineral resource estimate for the Ruttan Mine Project estimates inferred resources of 17.15 million tonnes grading 1.23% copper and 1.60% zinc using a 1.0% capped copper equivalent cut-off grade.
About Kria Resources
Kria Resources is a private base metal exploration and development company focused on base metals including zinc, copper and nickel. Kria is working to acquire a 100% interest in the Ruttan copper-zinc sulphide project. Please visit our website at www.kriaresources.com for additional information.
Cautionary Note Regarding Forward-Looking Information This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the future operating performance of the Company and its projects, statements regarding exploration prospects, the identification of mineral reserves and resources, exploration expenditures, timing of future exploration, requirements for additional capital, government regulation of mining operations, title disputes or claims. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Contacts: Kria Resources Mike Hoffman President and CEO (416) 861-2964 Kria Resources Heather Colpitts Manager, Investor and Public Relations (416) 861-5803 Email: [email protected] Website: www.kriaresources.com
SOURCE: Kria Resources