West Kirkland Mining ( CVE:WKM ) said Friday it closed a $1.69 million private placement financing, consisting of the sale of 4.8 million units at a price of 35 cents each, with Newmont Mining (NYSE:NEM) (TSE:NMC) taking up a large chunk of the offering. The gold explorer said each unit consists of one company common share and one-half of one common share purchase warrant. A whole purchase warrant entitles the holder to purchase one common share at a cost of 60 cents for a period of 18 months from the closing of the offering. Newmont Mining 's Canadian subsidiary said separately today that it acquired 2.23 million units of the company through this placement, giving Newmont around 13.4 per cent of West Kirkland, including warrants. West Kirkland said it will use the new funds raised from the private placement toward exploration costs and for general corporate purposes. The private placement was initially announced in late June.