Kaizen Discovery Inc. (TSXV: KZD) announced that it proposes to complete a non-brokered private placement (the “Offering”) of up to 26,000,000 units of the Company (the “Units”) at a price of $0.05 per Unit, for gross proceeds of up to $1,300,000. Each Unit will consist of one common share (“Share”) of the Company and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder, on exercise, to purchase one Share for a period of 24 months following the closing date of the Offering at the exercise price of $0.075 per Share.
Kaizen’s majority shareholder, HPX TechCo Inc. (“HPX”) has agreed to subscribe for the full Offering (the “Lead Order”).
The proceeds from the private placement will be used at Kaizen’s 100%-owned Pinaya Copper-Gold Project in Peru and for general administrative expenses.
Kaizen is in the process of re-examining existing geological and geophysical data at Pinaya with the potential for generating new drill targets. As such, Kaizen is currently preparing a budget for an expanded 2021 exploration program.
Please see Kaizen’s news release for complete details.