Vancouver, B.C. (July 13, 2020) Kingman Minerals Ltd. (TSX-V:KGS) (FSE:47A1) ("Kingman" or the "Company") has terminated the agreement for the Music Mountain Ext. property, previously announced in a news release on May 26, 2020. The Company had initially filed this as an expedited transaction with the TSX Venture Exchange, and it has now been withdrawn.
Additionally, the Company would also like to amend the details of the issuance of stock options, disclosed in the news release dated May 20, 2020. The number of stock options issued to the arms' length consultant is now 466,200 options, which is equivalent to 1.99% of the Company's issued and outstanding of 23,311,118. The Company is also amending the exercise price of these options to $0.10, however the expiry date will remain the same. These options were issued as compensation for consulting services, such as financing introductions, Social Media SEO, and website related services, as outlined in an agreement dated April 1, 2020. The amount issued to the arms' length consultant is in compliance with TSX policy 3.4.
Kingman Minerals Ltd. is currently engaged in the business of precious metal mineral exploration for the purpose of acquiring and advancing non grass roots mineral properties located in mining friendly jurisdictions of North America.
The Mohave Project (the "Project") is located in the Music Mountains in Mohave County, Arizona and is comprised of 20 lode claims which are inclusive of the past producing Rosebud Mine (the "Rosebud"). High grade gold and silver veins were discovered in the area in the 1880's and were mined mainly in the late 20's and 30's. Underground development on the Rosebud property included a 400-foot shaft and approximately 2,500 feet of drifts, raises and crosscuts.
For further information please contact:
Sandy MacDougall, Chairman & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Kingman believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Kingman disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.