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VANCOUVER (Marketwire) - Mr. David Patterson, Chairman of Knight Resources Ltd. (TSX VENTURE:KNP)(FRANKFURT:KRL), announces that the Company is undertaking a non-brokered private placement in an amount of $2,750,000. The private placement will consist of 34,375,000 flow-through units ("FT Unit") at a price of $0.08 per FT Unit. Each FT Unit will consist of one flow-through common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one non-flow-through common share at a price of $0.12 per share for a period of 12 months.
However, in the event the closing price of the Company's common shares on the Exchange is at least $0.25 for ten consecutive trading days (at any time following four months from the date of Closing) the Company may reduce the remaining exercise period of the Warrants to not less than 30 days from the date of providing notice of such reduced exercise period.
The funds raised by way of the financing will be used for exploration of the West Raglan Project, located in northern Quebec.
Fees and commissions will be payable in connection with the private placement. The private placement is subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF KNIGHT RESOURCES LTD.
David Patterson, Chairman
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FOR FURTHER INFORMATION PLEASE CONTACT: Knight Resources Ltd. David Patterson Chairman (604) 684-6535 or Toll Free: 1-877-KNIGHT5 (604) 602-9311 (FAX) knight@bed-rock.com www.knightresources.ca INDUSTRY: Manufacturing and Production - Mining and Metals SUBJECT: STK-0-
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